Prasun Sonwalkar London, Sep 17 (PTI) Almost two-thirds of UK companies expect to earn more than 20 per cent of their revenues from emerging markets like India and China within the next five years, according to a new government survey. Nearly 60 per cent of the 540 senior executives from 19 business sectors questioned in the Government-commissioned survey said that they expected to reach this level by 2014, almost doubling the 31 per cent who say they have already done so.
Almost 77 per cent of the companies questioned said they expect the prospects for the world economy to improve during 2010-11, with emerging markets providing support for global profitability. The survey, commissioned by UK Trade and Investment, was released as Business Secretary Lord Mandelson asked UK firms to step up their efforts to seek out opportunities in the emerging markets.
Lord Mandelson is scheduled to address the Economist Emerging Markets Summit in London. According to him, UK companies should be strategic about their exports and plan for the long term.
"Many emerging markets are outperforming developed economies, and are expected to grow strongly for years to come. This represents an exciting opportunity for UK business providing greater diversity for the exporter," he said.
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