A new report from financial group GE Capital shows that while the majority of high-tech manufacturing companies say that their current business position is positive, the strength of international competition is curbing expansion. The High Tech Manufacturing Index Report profiled the responses of 400 senior executives on their companies' roles in the future of the English economy.
The survey found that 75 percent of respondents from the UK high-tech manufacturing industry said that their businesses current position is positive. However, 15 percent felt that overall business conditions for high-tech manufacturing businesses would worsen, with 17 percent cited the economy as a major barrier for growth.
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Although 35 percent were looking to expand or were already selling into a worldwide market, concerns over international competitors remained a key issue. Over half of the senior executives interviewed believed that India would eclipse the UK in five years. In addition, others felt that in ten years the UK would slip from sixth to ninth in global manufacturing league tables.
Mark Elborne, UK CEO, GE said: “UK high tech manufacturers are optimistic but it is not surprising they are being cautious about business investment. They see great opportunities in international markets and growth sectors such as green technologies but have to be careful about these decisions because there is still a backdrop of general economic uncertainty.”
