Export out of recession, minister urges businesses

During trips to engineering and healthcare firms in West Yorkshire, Lord Davies said the UK must "export out of recession" by selling hi-tech goods to growing markets like China and India. The former international banker added: "There is no doubt that the model of bringing people with a business background into Government is a good one."

The minister, representing UK Trade and Investment (UKTI), spoke to entrepreneurs in the engineering sector at the Cedar Court Hotel in Wakefield.

He also visited Leeds-based Surgical Innovations which makes devices used in keyhole surgery, where he opened a training centre.

During the roadshow in Wakefield, around 100 people quizzed Lord Davies about issues facing small businesses.

He said afterwards: "We are a very innovative country and have got a very diverse industrial base. Healthcare is one of them.

"There are concerns around whether the banks will be there when the upturn happens. I think they will."

He said he thought banks were responding to the needs of small businesses, adding: "We have got to export our way out of the recession.

"We have got some real capability in life sciences and many other industries.

"We must have the confidence to think internationally. Around the world, confidence is still fragile. In Britain we do need to celebrate the success and diversity of the economy."

He added: "We need more young people to start new businesses and we need more women in business."

Lord Davies said that the balance of economic power was shifting

towards nations such as India, China and Russia.

He praised work being done by businesses in Yorkshire to forge links

with emerging economies.

Surgical Innovations recently displayed its products at the Arab Health conference in Dubai.

Lord Davies became Minister for Trade, Investment and Small Business in September 2009.

Before entering politics, he had a successful business career.

He joined the board of Standard Chartered in December 1997, and was group chief executive from 2001 to 2006.

He was also a non-executive director of Tesco from 2003 to 2008.