Brave New World: Yorkshire Businesses To Learn About Latin American Trade Opportunities
Yorkshire businesses will learn about opportunities to trade with Latin America at an upcoming event run by the Department for International Trade (DIT) and KPMG in Leeds on the 9th of July.
The Northern Powerhouse and the Latin America Trade Corridor event will give firms from across Yorkshire and the Humber essential insights on the Latin American market covering a range of key industries including food and drink, chemicals and machinery.
Companies will hear first-hand from trade experts about the unique challenges of exporting goods and services to the country, as well as being introduced to the wealth of support available to local firms interested in breaking into the Latin American market.
The half-day event, which is open to businesses of all sizes and exporting experience, is free to attend, and will be held at KPMG’s offices in Sovereign Square, Leeds.
The event is being run as part of DIT’s Exporting is GREAT campaign, which aims to help more British businesses explore new markets overseas
Mark Robson, Head, UK Regions, Yorkshire and the Humber, Department for International Trade, said: “A rapidly emerging middle class and economic growth in markets such as Argentina, Colombia, Mexico, Chile and Uruguay are generating opportunities for local businesses who can successfully capitalise on Latin American demand. Exports from Yorkshire and the Humber to the region totalled £250.7m in 2017 alone, an increase of 16.7% on 2016.
“But exporting to the region is not without its challenges. Businesses need to be aware of varying tastes and demand in each of countries across Latin America. They should also take into account practical considerations, such as carrying out thorough due diligence on regional partners or distributors, as well as ensuring they have adequately protected their intellectual property.
“Attending the Northern Powerhouse and the Latin America Trade Corridor event is a great opportunity for local businesses to hear about export opportunities for their business across the group of countries, and how they can access support to break into the market. Many Yorkshire and the Humber businesses are already finding export success across the region, and if they can do it, others can too.”
Chris Roberts, Partner at KPMG in Leeds, said: “Having an overseas strategy is important for any business looking for growth, and now is a great time to look at expanding in other markets. A changing global tax and regulatory environment means that UK businesses may need to look beyond their traditional markets and explore opportunities for growth further afield.
“Moving into new markets can be a complex task, with financial, tax, legal and cultural implications to consider – but the rewards can be worth it, enabling a business to diversify its income streams and supply chain, and therefore provide some level of protection against market risk.
“Our research shows there is strong demand in Latin America for the wealth of expertise and experience in the North of the UK, particularly in the mining, healthcare and food and drink sectors. We’re pleased to be working with the Department for International Trade on this event, to help the region’s businesses reach their full growth potential.”