Britain has urged companies in the west Midlands to look beyond established economies and exploit export opportunities offered by India and China.
British Trade Minister Lord Digby Jones, who visited India in January with Prime Minister Gordon Brown, regretted that too many companies in the region were content to do business with established markets such as the US and Europe.
"There are enormous opportunities available and we don't want to look back in five years time and say 'I wish I had done something then' because it could be too late by then," Jones said at a conference on Friday on international trade.
"We are a diverse region and I urge local companies to take advantage of the immense export potential being generated by the new high growth markets, not only China and India but also Mexico, Turkey, South Africa and Saudi Arabia," he said.
"These markets, among others, are expected to be a major source of both trade and foreign direct investment in the future. The economies of the emerging countries are growing at a much faster rate than established markets."
He said manufacturing companies, especially those in the automotive and aerospace sectors were best placed to benefit, while those involved in new technology and telephony could also do well.
