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Asian Trader Awards

The Rt. Hon. Alistair Darling MP,  Former Secretary of State for Trade and Industry
Governor House Hotel, London,  14 November 2006

I am pleased to be here for this double celebration – marking 21 years since the launch of Asian Trader Magazine in 1985, and the 18th anniversary of the Asian Trader awards. Both have come of age.

Asian Trader has been a very important voice. Valued and respected. I wish it well for the next 21 years.

And it is good to see so many leading figures from the food and retail industry here tonight. With a circulation of 53,000 copies published in English, Gujarati and Urdu the magazine provides a vital link between manufacturers, wholesalers and retailers. Crossing industrial and cultural lines.

In so many ways, the business and individuals here tonight show what’s best in our economy. The entrepreneurial spirit. The way many here seize global markets and opportunities. Your innovation and creativity. And that is what will mark us out in the future.

Because we can compete on quality and excellence as you demonstrate every day of the year.

This event recognises and celebrates excellence in some fundamental values - hard work, determination, and innovation.

And this evening we will recognise these qualities. The awards range from Asian Trader of the Year, Asian Businesswoman of the Year, Young Entrepreneur of the Year, to Customer Care and the Enterprise Award.

These awards represent the drivers that support progress and growth in your businesses and in the economy as a whole. And smaller traders are the foundation not just for establishing important local businesses. But also for the much wider contribution that you make to the economy.

There are a growing number of businesses – Cobra Beer for example that are not just successful in Britain but across the globe. And we are building on that, using those successful contacts to develop more trade.

And encouraging trade. Breaking down barriers to export is essential.

Which is why we want to see the World Trade Talks resumed.It’s essential to get this pro-development deal and we will play out part in doing that.

Last month in London we held the first UK/India Trading Summit attended by Kamal Nath Trade Minister for India.

And Gordon Brown and I will be visiting India in January to promote trade between our countries.

One of the challenges - as well as opportunities - for today’s businesses is globalisation

Many businesses here tonight have the advantage of experience in overseas markets – so crucial in today’s global economy – with knowledge of culture, language, aspirations, building first class trading relationships.

Business is one of the key ambassadors for our country.

There has never been a better time to do business and there is never a better time to be entrepreneurial.

Globalisation is changing our business world. Yes, there are challenges. But there are huge opportunities for business leaders who are ready to seize them.

We face other big challenges too. Energy. Climate Change for example. But challenges that British business – by its history – shows it is ready to embrace.

Britain has always been a nation of great innovation and enterprise. Napoleon called us a nation of shopkeepers. He didn’t mean it as a compliment but in so many ways it was – and is today.

A dynamic place to start up a new business. Indeed, 1800 new businesses start up every working day.

There are 600,000 more businesses, and employment in small and medium sized enterprises has risen by over a million since 1997 – many represented here tonight.

Their special contribution is driving change throughout the economy with new products, new processes, new ways of doing business and new jobs.

There are a record number of British entrepreneurs – including for the first time ever, more than a million self-employed women.

Many of these new businesses are home-based, using the internet to drive their business growth. A dynamic new business area in new industries.

This is Enterprise Week. A time to get across the message that there are many opportunities for young people. The Campaign last year attracted over four thousand young people and involved nearly the same number of businesses.

These included young Asian entrepreneurs like Shamir Shah, the inspiration behind the East India Tea Company and Geetie Singh, who created Sloeberry Trading – the world’s first organic pub. And this year’s Campaign promises to be even better.

It’s so important to shout about business success if we are going to get more young people into business.

A great deal of the value of tonight’s awards it that they highlight success around the country. The best way of demonstrating success is to point to real examples.

Business is a key driver of our economy. It’s worth remembering within this that ethnic minorities represent 5% of the population in the UK. But they account for 10% of business start ups – the vast majority of these Bangladeshi, Pakistani, Indian and Chinese.

South Asian businesses here turn over between 5 and 6 billion pounds a year. This is some of the most valuable business. Innovative. Enterprising. Making the most of global markets.

Throughout the UK, around a quarter of a million ethnic minority enterprises are contributing at least £15 billion a year to the British economy. That’s a major achievement.

It shows the importance of encouraging entrepreneurship.

The Government can’t create business. But it can and should create the conditions where business can grow and flourish.

Since 1997, we have created a strong and stable economy which has strengthened the business environment. This has led to record continuous growth with employment at its highest level.

Making sure that the UK remains one of the best places to do business in the world.

We have the longest period of low inflation since the 1960s and historically low interest rates. We have sustained economic growth, for the last nine years – the longest period for 200 years.

But we cannot be complacent. It means sticking to the course we set.

• In total, the economy has grown by 28 per cent since 1997.
• According to the World Bank, the UK is now the best place in the EU to do business.
• The UK has been one of the fastest growing economies in the G7 in the past five years, growing faster than France, Germany, Italy and Japan.

And as a result, British businesses have had the opportunity to grow and invest. The picture is very good:

• There are now nearly 600,000 more small and medium sized enterprises than in 1997
• 2.4 million more people are in employment than in 1997, close to the highest levels for a generation
• According to the World Bank Report, the UK is the best place in Europe to do business.
• The OECD says that the UK has the lowest barriers to entrepreneurships of all OECD countries.
• We are also investing more in Education and Skills – essential for our future.

Part of the Government’s role to encourage business to flourish has to extend to our more deprived communities.

That’s why two years ago we set up the Local Enterprise Growth Initiative.

This £300 million scheme invites the 88 of the most deprived local authority areas in the UK to bid for funding to back businesses who want to increase enterprise and encourage the development of business ideas.

There were 10 winners in the first year, including three from Bradford. These ranged from:

• A locally based enterprise development programme to support business start-ups and assist business to grow and survive.
• A loan fund with mentoring support
• And a property programme start-up to identify and match local businesses premises suitable for start-ups.

Retail is important. Many businesses here tonight are involved in the retail supply chain. The retail sector employs around 3 million people and makes up over 5% of GDP.

Above and beyond their economic value, retailers also make a huge contribution to our society and community.

75% of all independent neighbourhood stores are owned and run by British Asians – within the M25, the figure is 95%.

The Government wants to help in many different ways. The fight against crime for example. We know that retail crime is a huge issue for you. And it’s a huge issue for the Government too.

We recognise the cost and disruption that crime causes to business – as well as the knock-on effects for consumers and consumers. And we’re determined to deal firmly with racist attacks which have no place in our society.

And responding to business concerns we have, over the past two years, put nearly £1 million into the Action Against Business Crime Group to set up 100 business crime reduction partnerships.

The Government also provides business with opportunities. The public sector spends around £125 billion a year – a large market by anyone’s standards. And small businesses are doing well.

Last year small businesses won 22% of the central civil government contracts and 59% of local authority contracts by value. And we want to encourage participation from ethnic minority businesses in selling to the public sector to ensure the public sector does not miss out on quality suppliers.

But one of the key barriers faced by small businesses is finding out about what business there actually is. It can be particularly hard to find are those opportunities which are most attractive to small businesses looking to break into public sector markets for the first time.

We have therefore created a website, Supply2.gov, which brings together these opportunities in one place. Buyers can advertise opportunities and search for new suppliers, and businesses can search for opportunities. for their products and services.

And in particular, there are, of course, opportunities to be won from the fast approaching London 2012 Olympic games. We hope to see a true representation of success from all of our business community and perhaps to look forward to showcasing your successes at this event in 2012.

Conclusion

There are so many ways we’re working together. To support this vital sector, your vital contribution to our economy.

The awards that are being presented this evening are the premier awards for the industry. Now running for 18 years – with £35,000 in prize money – the winners this evening are the brightest and best.

You have a lot to be proud of. A great deal to celebrate. And a growing confidence and optimism. And rightly so. The Government will continue to work with you to ensure great success next year and in the future.