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Write 1 page essay on the topic (Context) large international contracting company from a country where there was little or no recession trying to enter the European market.Their objective is to tap in
Write 1 page essay on the topic (Context) large international contracting company from a country where there was little or no recession trying to enter the European market.
Their objective is to tap into UK’s know-how in the industry so as to improve on their competitiveness. This follows its reputation for technology in construction services, including technological advancement, such as the Building Information Modelling, BIM and architectural endowment (BIS 2013). Further to this, the number of graduates in the construction industry keeps growing, an indication of greater opportunities for growth in the future.
However, the UK still grapples with trade deficit in the construction industry. BIS (2013) observe that in 2012, it had a trade deficit amounting to about £6.2 billion. It has been noted that a small portion of UK construction contractors are exporters as compared to the other sectors of the economy. Specifically, the 2012 statistics show that only about 6% of construction SMEs engaged in export trade. It was observed that a majority of these constructors lacked the knowledge of exports in construction, thus the trade deficit. Moreover, UK contractors still face the challenge of having to deal with financial institutions which still perceive the construction industry as risky. This hinders them from accessing the requisite financial services. Therefore, the UK is well placed to benefit from the myriad opportunities it has in the construction industry but has to input greater effort to curb its challenges.
Department for Business and Innovation Skills 2013, UK construction: an economic analysis of the sector, viewed 22 March 204,
