UK businesses are not fully prepared for the business opportunities presented in emerging markets, according to an international study by BT, even though the ICT to enter the markets is readily available.
While a clear majority (64%) of directors of large UK corporations admit it is “crucial” their business is able to work with emerging economies to succeed in the long term, many don’t have a comprehensive knowledge of their business environments.
Even though nearly half (42%) of respondents agree or strongly agree that the economies of Brazil, Russia, India, China and South Africa – the so-called "BRICS" nations – will “reshape” the global economy, nine out of ten UK directors could not name the currencies of Brazil or China (92% and 83% respectively).
Tim Smart, CEO at BT Global Services UK, said, “In terms of talent, experience and technology, the UK has the foundations for collaboration in place, but UK businesses need to learn more about BRICS if they want to reap the rewards.”
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