Dr Liam Fox MP has set out how the government will make Britain a 21stcentury exporting superpower through better use of our overseas network, new online tools and building an extensive business to business network.
Research shows that companies that export have increased growth potential, are more productive and have better paid jobs.
Last year £620 billion of goods and services exported by British companies accounted for 30% of our GDP, with UK exports are at a record high.
However, the Department for International Trade (DIT) estimates that 400,000 businesses believe they could export but don’t, while demand for British expertise and goods overseas is only growing.
The Export Strategy outlines how the government will produce smarter and more tailored support to UK companies:
- Encourage and inspire more businesses to export – this includes an increased focus on amplifying the voice of existing exporters to inspire other businesses and facilitating peer-to-peer learning.
- Inform businesses by providing information, advice and practical assistance on exporting.
- Connect UK businesses to overseas buyers, markets and each other.
- Put finance at the heart of our offer by deploying an awareness campaign to target UK exporters most likely to benefit from up to £50 billion worth of export finance and insurance support from UK Export Finance.
Baroness Fairhead, Minister of State for Trade and Export Promotion at the Department of International Trade, said, “Since its creation 2 years ago, DIT has already helped thousands of UK companies to export – with exports now at a record high.
“As the world’s sixth largest exporter, we do punch above our weight, however, we also punch below our potential. This Export Strategy sets out to change that and to increase exports as a proportion of GDP from 30% to 35%, taking us from the middle of the G7 to near the top. This is ambitious, but achievable.”
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