Home-grown billionaire Jim McColl has called on governments around the world to make better information available to potential inward investors on key market opportunities.
The Clyde Blowers Capital chairman told the Commonwealth Games Business Conference in Glasgow that a lack of key data was hampering companies when it came to signing-off on investment decisions.
With a presence in more than 90 countries in critical sectors including oil and gas, wastewater and petrochemicals, Clyde Blowers is used to making overseas investment decisions but Mr McColl said an improved knowledge base would help more firms around the Commonwealth to achieve their business goals.
“The big opportunity on the knowledge side amongst the Commonwealth countries for Commonwealth governments and for our own politicians in economically developed countries is they could help provide more information and analysis on the key markets in the individual countries,” he said.
“If the intelligence and knowledge is there to be accessed easily, then countries like Scotland can see what opportunities there are in Nigeria, for example, and see what the quality of that opportunity could be and follow up on that.”
Mr McColl said Clyde Blowers did its own research before committing to a major investment, and added that the rewards were out there for companies willing to put in the time and effort required.
“The key thing we look at first is market intelligence,” Mr McColl continued.
“When we look at a business we go out there to find out as much as we can about the market for its products and services and how that breaks down worldwide.
“It is all about the competition and the technical analysis.
“Usually when we do that there are interesting opportunities that jump out.”
Fellow session panellist Sophie Dekker, director of easyJet UK, said the airline had found its own decision-making compromised in the past by a lack of credible data about some far-flung destinations.
She said that on occasion the firm had been forced into taking a “gamble” on new air routes because the quality of the information available to its in-house analysts was not up to scratch.
“Intelligence and information around market opportunity is something we are always looking for,” Ms Dekker, a former market researcher, said.
“Having access to clear and consistent information from each market is critical.”
The pair were also asked a series of question from delegates on issues including education and enhanced trading partnerships, and Mr McColl said the wider Commonwealth offered opportunities for the latter.
“There is a huge untapped opportunity,” Mr McColl said.
“Growth in Europe has slowed right down and the real growth opportunity is in the emerging markets.
“We are now switching the focus,” he said.
“There is a lot more that we can do to promote business amongst the Commonwealth countries.”
The conference also heard from Scottish Chambers of Commerce chairman Nora Senior, who spoke about the importance of cities across the Commonwealth embracing digital technologies and exploiting the commercial opportunities they offer.
“Smart cities are cities that are using technology smartly in order to solve urban problems, improve lifestyles and the urban environment,” she said.