SCC Chief Executive, Dr Liz Cameron CBE, highlights exporting and international trade as essential paths to boosting Scotland’s attractiveness and growth in The Herald:

“Exporting and international trade are vital components of the Scottish and UK economy.

“Despite valid concerns on growth prospects as inflation and economic uncertainty persist, it is trade between nations that serves as one of the best placed routes to boosting growth.

“International trade opens connections, increases incomes and can reduce poverty here at home and across the world.

“Chambers of Commerce stand on the firm foundation that growth in exports drives job creation, boosts productivity and strengthens business resilience. This is backed up by evidence that exporting is good for the economy and for our communities.

“We need only look at sub-Saharan Africa and Southeast Asia for this, both of which are undergoing a demographic boom with increased consumers in the former and more spending power in the latter.

“This is highlighted in the latest Oxford Economics Regional Outlook report, which outlines this as one of the trends that policymakers must consider on trade policy and exporters when looking for emerging markets.

“It is welcome that the UK is taking steps in this direction, with the recent signing of a treaty between the UK and The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

“While still to be scrutinised and ratified, the CPTPP includes four nations in Southeast Asia: Brunei, Malaysia, Singapore, and Vietnam.

“A 2022 report by the UK-ASEAN Business Council demonstrates the immense potential of investing in Southeast Asia, citing that the region will be the world’s fourth largest economic bloc by 2030 with a 700 million population and an emergent middle class that wants to buy UK goods and services.

“To take advantage of the exciting opportunities in these emerging markets, exporters need to see a pragmatic approach from government, grounded in partnership with firms on the ground.

“We are already seeing this working in practice with the International Trade Partnership between the Scottish Chambers of Commerce and the Scottish Government. Established in 2019, the partnership has since helped deliver 100 trade missions, onboarded 1,000 Scottish businesses to exporting and generated over £20 million in sales.

“We are also actively inputting the views of business into UK Government Free Trade Agreement agreements and ongoing negotiations such as those with Japan and India respectively.

“We as chambers of commerce are ready to continue to play our part to support these efforts. Recently, Scottish Chambers of Commerce had the exciting privilege of signing the “Geneva Manifesto” which was unveiled at the 13th World Chambers Congress in the presence of 1,500 chamber leaders in Switzerland.

“In the declaration, the global chambers community has committed to redoubling our efforts towards making a difference in the economy by building a modern system that serves as a driving force for economic inclusion, global cooperation, and sustainable development.

“Chamber leaders have called on all governments to renew their commitment to rules-based trade, effective international cooperation and respect for international law.

“The manifesto underlines the business community’s concern over the growing fragmentation of the global economy and the significant implications for cross-border issues like climate change and international finance.

“Climate change is impacting prospects for trade and economic development around the world. This month is set to be the hottest month on record in terms of global temperature averages.

“Changing climatic conditions and the policies introduced to address them are reshaping the global marketplace, creating risks for countries that rely on climate-vulnerable sectors but also new economic opportunities for countries with plentiful renewable energy sources such as wind, hydrogen, biofuel, tidal energy, all critical to the manufacture of clean infrastructure.

“That is why it was particularly welcome to see last week that the Drax Group has secured development consent from the Scottish Government for its plans to build a new £500m underground pumped storage hydro plant at its Cruachan facility in Argyll, Scotland.

“This is the UK’s first new pumped storage hydro plant in a generation and ensures that when Scotland’s wind turbines are generating more power than we need, Cruachan steps in to store the renewable electricity so it doesn’t go to waste.

“Scotland and the UK is well placed to take the lead in these areas and trade and investment is the best route to growth that we have.”

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