British Asian businesses warned about economic climateOctober 24th, 2008 - 5:35 pm ICT by IANS
London, Oct 24 (IANS) Asian business leaders in Britain have been warned to prepare for the worst economic crisis in living memory.Ashfaq Hussain, vice chair of the West Midlands Minority Ethnic Business Forum, told more than 300 Asian business leaders at a dinner this week that they must meet the challenges posed by the global economy.
“We are going through one of the most challenging economic climates that most of us can remember,” he said at the annual dinner and awards evening of the Black Country Asian Business Association.
Black Country is an informal name for the area comprising the four districts of Dudley, Sandwell, Walsall and Wolverhampton in central England.
The area is part of the West Midlands region of England, a manufacturing belt that has been promoting itself in India with a view to attracting greater Indian investments.
“The global economy has seen nothing like what has been happening in recent weeks since the Wall Street crash 79 years ago,” Hussain said.
However, he said the experience of minority ethnic businesses in overcoming adversity would help them get through the difficult weeks and months ahead.
“Another feature of Asian businesses that will assist us is our ability to take a global view,” he said.
“One of the great lessons from the current situation is that the global economy brings opportunities and risks. Some, but not all of our current economic ills are as a result of activities in other parts of the world - primarily the US,” he added.
“Nevertheless, the global economy in which our customers and competitors are not just in the next neighbourhood or town but on the other side of the world is a fact of life and here to stay.”