"Innovation is GREAT: Regional Automotive and Aerospace Workshop" – Exploring the business potential in Central and Eastern Europe

One of my main professional targets as the Business Champion of Emerging Europe is to help increase the flow of trade between the UK and Central and Eastern Europe (CEE). Our economists reckon that there’s a potential of 20 billion Euros of business to be done if we could just get Central and Eastern European businessmen to consider the UK offer more often – and if we could get UK companies more excited about opportunities here in the region. One of the big opportunity areas for all that business is in advanced engineering – mainly the automotive and aerospace industries. Did you know that 3.5 million cars are made in Central and Eastern Europe every year and that, as well as being the home of motorsports, by 2017 2 million cars will be built in the UK?

So we organised a large scale workshop for automotive and aerospace-linked companies here in Budapest last week, involving 30 British companies and 70 from the CEE (of which around 40 were Hungarian and the rest from throughout the region). And we got them talking to each other. They heard presentations about opportunities for partnerships and the industry environment in both places. And then they networked and started to get towards doing some business. Why in Budapest, why in July? Because Budapest is home to the Hungarian Grand Prix and F1 is such a compelling example of British engineering and innovative excellence.

Did you know that 8 of the 11 teams are based in the UK? The only exceptions are Ferrari, Toro Rosso and Sauber. That last year 17 of the 19 GPs were won by British-based teams. And that (before the Hungarian GP) 900 of the 1,000 points won in the F1 championship had gone to those British teams. F1 is a great advert for the UK!

So we brought a little F1 magic to our event. CaterhamTechnology and Innovation (part of the Caterham Group, having extensive Formula1 experience) delivered a presentation to our participants. And in the networking reception we held at my Residence that evening we welcomed Paddy Lowe, Technical Director of Mercedes F1 (yes, based in England and with a British design and technical team behind the car) as well as the team principals from Lotus and Caterham.

Perhaps the highlight of the reception, though, was listening to a speech by Wing Commander Andy Green, the driver/pilot of the British supersonic car “Bloodhound”, which will break the land speed record next year and in 2016 and take it to over 1,600 km/h. This 100% British car is a marvel. Powered by jet engine and rocket, it has 25,000 bhp more than a QE2 ocean liner, and accelerates to its top speed in less than a minute. Awesome is an over-used word, but this thing IS awesome. And another fabulous example of why if you’re looking for cutting edge engineering, top class design and the very best in performance you should look at the UK.

As I said in my few words at the reception: if you have a good idea, a good product, a good company, find a British partner and together you will make it GREAT.