Dura Composites, a supplier of composite products used in flooring and structures for the construction and rail industries, has set its sights on India to further expand its overseas growth plans.
The Clacton-on-Sea based company was established in 1996 and supplies its range of products to 12 countries all over the globe, including three in Europe, two in Africa and seven in the Middle East.
Dura Composites are now looking to target India for the first time and is currently in talks with a well-known distributor to attract customers from the industry including Indian Railways.
Stuart Burns, Managing Director at Dura Composites, said: “Finding buyers and distributors in other countries is not without its challenges, which is why advice from experts such as the DIT can be extremely helpful.”
The business has worked with International Trade Advisers from the Department for International Trade (DIT) East of England to support its exporting ventures. It has received a wide range of support from DIT, including market research advice, and have also attended numerous meet the buyer events.
Exports currently account for 15% of the business’ turnover. It expects to grow this to between 20-30% in the next three years as the firm targets new contract wins with DIT’s support.
Stuart continuted; “India is a huge market opportunity for us, as the home of one of the world’s largest railways. Its population of 1.4 billion people makes rail maintenance extremely challenging. We have seen huge success with our durable composite products overseas, making now the right time to expand further into South Asia.
“We’ve seen consistent growth for the past 10 years both in the UK and internationally, but that doesn’t mean that we haven’t faced challenges along the way. Finding buyers and distributors in other countries is not without its challenges, which is why advice from experts such as the DIT can be extremely helpful.
“Our advice for anyone looking to export would be to thoroughly plan and research your target markets. We’d strongly recommend booking a visit to an industry trade show – nothing beats meeting potential distributors or buyers face-to-face to build strong working relationships. If we can do it, so can many other local firms.”
Alan Pain, Regional Director, East of England, DIT, said: “India is one of the fastest growing economies in the world and the UK is the third largest investor in the country, making it a significant opportunity for British businesses looking to export.
“Despite this, there are many factors that businesses should consider when looking to export to India. For instance, it’s comprised of 29 states and seven different union territories, so being aware of trade regulations and business cultures for each is a must.
“But firms shouldn’t feel that they have to go through the process alone. We are proactively encouraging local businesses to export their products and take advantage of the support available to them. We have more than 30 International Trade Advisers in the East of England that can help businesses navigate the entire exporting process.
“Our advice for anyone looking to export would be to thoroughly plan and research your target markets.”
DIT’s Exporting is GREAT campaign aims to help more businesses explore new markets overseas. The campaign is currently showcasing 30+ UK businesses – from a range of sectors and regions – to inspire and support firms up and down the country to export.
For more information about the services offered by DIT East of England, call 01707 398398 or email email@example.com.