International Business Wales Helps Firms Target New Markets Overseas; CLIENT FEATURE: EXPORT WALES International Business Wales Busnes Rhyngwladol Cymru
THE value of goods exported from Wales is worth more than pounds 9bn a year - a substantial figure and a clear indication of the increasing importance of international trade to the Welsh economy.
Trading overseas can open up major opportunities for companies, enabling them to target new markets, boost sales, increase profits, expand and create jobs.
The export market is as important for the growth of small and medium-sized businesses as it is for large established conglomerates, and more and more SMEs are taking advantage of these opportunities.
With the support of International Business Wales - the Welsh Assembly Government's overseas trade arm - hundreds of exporters have been created in recent years and in the past financial year IBW helped generate trade deals of almost pounds 170m.
Ieuan Wyn Jones, Minister for the Economy and Transport, said these figures illustrated that overseas trade offered extremely important opportunities for Welsh companies to grow their business.
"The Assembly Government is committed to supporting and encouraging Wales-based businesses to become more international in their outlook and to establish strategic alliances and joint ventures with overseas enterprises.
"Targeting new markets overseas can be a daunting experience for first time exporters which is why IBW was established to help companies overcome any barriers and capitalise on these opportunities.
"IBW has in-market expertise to help and support Welsh businesses make the necessary contacts and to advise them on all aspects of international trade.
"Our support network is global: we can unearth new opportunities and help convert them into real business," he added.
This year alone IBW has run more than ten trade missions and exhibitions to markets such as the USA, India, Saudi Arabia and Ireland and will be running missions to China, Scandinavia and India this autumn as well as trade exhibitions to Medica in Germany and Big 5 in Dubai.
Big 5 is the key construction trade fair for the Middle East and proved to be an extremely successfully show for Teddington Engineered Solutions from Llanelli which has exhibited on the Wales stand with IBW support.
Teddington designs and manufactures a range of highly specialised bellows and expansion joints used in the construction industry as well as other key industry sectors.
The company has recently secured substantial contracts in the Middle East where the building boom shows no sign of abating. Their products are being used in the construction of Dubai's Burj Tower and Mall - a pounds 4. …