The West Midlands’ thriving Asian business community will help the region recover from the financial constraints of the recession, according to an economic figurehead.
Dr Singh Sahota believes the debtless structure of many of the region’s largest Asian-owned businesses will trigger a quicker upturn in economic productivity than in any other region.
He said: “Asian businesses before the recession were the fastest growing in the area and are major players in the region’s commercial output.
“They are also the least affected in this recession because Asian businesses tend to be less debt ridden and more likely to get out of this recession. They should be able to get the region and the country out of recession.”
Businesses like KTC, East End Foods and Awan Marketing have blossomed despite the current economic slump and it is thanks in part to the Institute of Asian Businesses, set up 21 years ago to promote awareness and support the business needs of its members and the wider Asian business community.
Its chairman Arun Bhajaj has announced a programme of investment which should enable the community to flourish further.
He said: “The IAB regularly works with large corporations to help them access the fast expanding Asian business community.
“We are fortunate to be able to draw on the business support resources of Birmingham Chamber, something that is a huge attraction to the Asian business community.
“I am sure that this relationship will continue for the next 21 years.
“Over the past 12 months, the chairmen and presidents of the Law Society, RICS and ICAEW in this region have all come from an Asian background so clearly we are doing something right.”