JIM McColl has said Scottish companies should look to explore the untapped potential of many Commonwealth countries, particularly as growth in Europe remains subdued.

The Clyde Blowers Capital chairman was speaking at the Commonwealth Games Business Conference held at Glasgow University yesterday. Mr McColl suggested politicians, foreign consuls and economic development organisations could help by providing more detailed information on prospective export markets.

He said: "Growth in Europe has slowed right down and the real growth opportunities are in the Commonwealth countries.

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"We are only scratching the surface there and there is a lot more we can do."

Mr McColl reaffirmed his group's commitment to the engineering sector saying there was "plenty" of opportunity in that arena. He also stated his belief that deep analysis of markets, products and services are key parts of building a successful company. He said: "You have to be committed to be a sponge and embed that knowledge and how you can transmit that into economic benefit for your business.

"Once you get that intelligence there are ideas and opportunities that jump out at you."

Mr McColl outlined that Clyde Blowers has a team of analysts but he believes it is the role of all senior people in the company to research things closely.