UK businesses are ignoring emerging markets

Research says Bric nations are ready to make an impact on global stage

UK businesses are not making the most of emerging markets

UK businesses are not taking advantage of business opportunities in emerging markets despite being aware of the benefits, according to a study by analyst Datamonitor on behalf of BT.

While 64 per cent of directors of large UK corporations admit it is 'crucial' their business works with emerging economies to succeed in the long term, nine out of 10 UK directors could not name the currencies of Brazil or China.

Some 75 per cent believed that organisations in the 'developed' world are better equipped technologically to work internationally than those in Brazil, Russia, India, China and South Africa.

Tim Smart, chief executive of BT Global Services UK, says this is often not the case.

'BT's experience is that the Bric nations - Brazil, Russia, India, and China - are already equipped to make an impact on the global stage. They have shown agility and speed in adopting new collaborative tools and technologies – quicker, in many cases, than in the US or Europe,' he said.

UK directors perceive data security to be the main barrier to effective collaboration with businesses in all of these countries, followed by different legislation and political interference.

'UK executives have the systems in place to work with BRICS but the study suggests some are not completely taking advantage of these. We must collaborate better and smarter in the Bric markets in order to fully exploit this,' said Smart.