NW firms ‘missing out’ on cash abroad

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Nearly 80,000 businesses in the North West are failing to realise their export potential, according to expert business advisers Enterprise Europe Network North West (EENW).

Now EENW is urging SMEs in the region to make it a New Year’s resolution to begin trading in Europe, which was worth over £30bn to the regional economy up to quarter three last year.

Funded by the European Commission, EENW provides free and impartial information, advice and guidance to businesses that have aspirations to begin trading overseas.

According to initial figures, approximately 73,000 small businesses in the North West are ready to export internationally, out of a total 220,000 VAT registered SMEs.

Fiona Castela, project manager at EENW, believes part of the solution involves educating companies that Europe is open for business.

She said: “Despite the rough ride that most European countries have had in the last four years, there are some economies that are performing better than ever, such as Germany, Hungary, Poland and Denmark. The North West is home to some of the UK’s strongest industries.”