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Her Excellency the British High Commissioner, Mrs Vicki Treadell today urged New Zealand companies looking to expand to enter the GO UK competition for a chance for assisted entry to the world’s sixth largest economy.
Despite the global uncertainty, Mrs Treadell says that the UK market is still robust, vibrant and open for business for New Zealand companies.
“With the weekend’s news that the United Kingdom’s trade deficit had narrowed to £ 1.16 billion , there was even more reason for New Zealand business to go to the UK . This is the smallest trade deficit since 2003 on the back of a rise in export values and a significant drop in import values. All this means the economy is in recovery.”
Paul Beare of Kevin Beare & Co, one of the judges and also sponsor of the $30,000 prize package for the winning New Zealand company says the UK has several other significant advantages.
“At the moment the UK has a great exchange rate vis-à-vis the Kiwi – this makes the cost of setting up an office much more affordable. Combined with low interest rates, the UK market is ideal for those New Zealand companies looking to invest in buildings or property, and with a plentiful labour market, sourcing great skills is better than ever,” says Beare.
Treadell adds that the UK also is another source of capital to invest in New Zealand start-ups.
“There is also capital available in the UK VC community and anecdotally we know they are looking to invest in the sorts of Kiwi companies that will come through as part of the GO UK competition. The connections that will be made to the UK and Europe through UKTI and its sponsors like Beare & Co, AMaC Limited and British Airways, will open the doors to the world’s single largest marketplace. This combined with the available capital is hard to beat.”
Many New Zealand companies have been successful in the UK and these include the likes of Rakon through to Pingar:
To enter the Go UK competition and for more information please go to http://ukinnewzealand.fco.gov.uk/go-uk
The deadline for entries for the Go UK competition is 5pm Friday 17 February 2012.