January 27, 2020 @ 10:18 by Steven Hugill
Firms operating across the Tees Valley’s digital healthcare sector will have the opportunity to extend their international reach in a trade mission.
The ‘Stockton to Singapore’ trip, led by the Department for International Trade North East, aims to introduce companies to the eastern market.
The digital health market is expected to reach US$379 billion (£289 billion) by 2024, and the Tees Valley boasts companies breaking new ground in robotics, smart hospitals, medical record data analysis, decision marking optimisation and predictive programmes.
Furthermore, Singapore is considered a launchpad into huge Asian markets, with 50 per cent of the world’s population within a six-hour flight and boasting the fourth largest global financial centre.
John Jenkinson, international trade adviser, is leading the trip – which is full – and says it represents an opportunity for companies in “an extremely exciting market.”
“Singapore is a doorway through which companies can gain a foothold in extremely dynamic far eastern markets,” says John (pictured below).
“There is without doubt an appetite for the innovation being pioneered here in the Tees Valley and the Department for International Trade is here to help our companies make those connections that could open up a wealth of opportunities.
“The trade mission is full, and it was fantastic to see how many businesses signed up immediately to a trip that will allow them to dip their toes into an extremely exciting market.
“There is much to be gained in exploring eastern markets with a great deal of appetite for UK services and goods.”
‘Stockton To Singapore’ is part-funded through the Expanding Tees Valley Presence in International Markets project, which is part of the ERDF 2014-2020 funding programme, delivered by the North East England Chamber of Commerce.
John adds: “The commonalities between the way businesses in the UK and Singapore operate are really beneficial with similar business and legal practices and comparable technical standards.
“Singapore’s proximity to major Asia Pacific economies is a huge benefit for UK firms, which is why it remains the UK’s largest trade partner in South East Asia.”
Julie Underwood, director of international trade, added: “There are many benefits to a trade mission beyond the subsidised travel expenses.
“They work hard to support companies in developing international marketing strategies and enhancing sales skills.
“We also provide a tailored in-market itinerary that suits the requirements of an individual business, and we deliver matchmaking with potential clients.
“Our hands-on support will help your business prepare for operating in different cultures while generating leads and prospective partners to meet during the visit.
“In short, we do everything we can to help our native businesses succeed in foreign markets.”