Far East success for local companies

Firm orders worth almost £2.5 million were secured by local companies on the recent Invest NI trade mission to the established markets of Singapore, Malaysia and Vietnam.

Among companies securing substantial business were: Mivan of Antrim, which signed contracts worth £817,000 for fast track construction of high-rise residential accommodation; Colorite Europe, Belfast, £810,000 for medical grade vinyl used in medical devices; Fast Engineering, £129,000 for portable water storage tanks; and FM Environmental, Newry, £172, 000 for waste water treatment technology.

In addition, Lowe Refrigeration of Carryduff, and Edge Innovative Learning International, Belfast, completed arrangements to open offices in Singapore.

Welcoming the successes of the 31 companies on the 10-day mission from April 8-18, Tracy Meharg, Managing Director of Innovation and Capability Development at Invest NI, said: “The overall performance of companies on this mission is extremely encouraging. Trade missions enable local companies to explore new markets and to introduce new products cost-effectively.

“Equally significant is the participation of a number of smaller companies in a mission that centred on Singapore and Malaysia, two of the most competitive markets in the region, and included Vietnam, a marketplace that is developing rapidly but is complicated for small companies because of its ongoing transformation from a command to a market-led economy.

“A key Invest NI objective is to assist companies, especially the small to medium sized enterprises which are the backbone of the local economy, to broaden their horizons and add value to their business by taking part in our comprehensive range of marketing activities overseas.

“Our Corporate Plan projects 10 per cent annual growth in exports over the next three years from a greater participation by local companies in missions such as this to the Asia/Pacific region. This growth rate will have a significant impact on the bottom-line of the participating companies, on employment and the overall economic wealth of the community."

Mission members were also supported in developing business contacts throughout South East Asia by Amelia Yeo, Invest NI’s Singapore-based representative.

Several companies used the mission to explore opportunities in other markets in the region such as Thailand, Hong Kong and Taiwan.

(MB)