490 South West businesses given exporting chance
490 businesses in the South West could receive free tailor-made advice to how to export their business overseas.
The new advice is open to all 8,900 UK businesses with a turnover of between £25 million and £250 million which the Government consider to be to be medium sized.
A pilot scheme had been launched in Yorkshire and the South East but is expected to see a full national roll-out afterwards.
The advice will be given by the UK Trade and Investment a government department that works with UK-based businesses to ensure their success in international markets.
John Peters, Managing Director of South West Investment Group (SWIG) has welcomed the announcement.
He said: “This is great news for South West businesses. The logistics of developing overseas markets can be a real challenge and the expertise offered by UKTI in supporting businesses looking to explore their export potential is a fantastic opportunity.
“In our part of the country in particular, where geography can work against us, this kind of support will make a real difference to aspiring exporters”.
The advice UKTI offers varies depending on the individual business but can include help in accessing ERDF funding, offering expert opinion on specific overseas markets or even help and advice about attending trade shows abroad.
In the South West, Ginsters is one of the mid-sized companies that have already worked closely with UKTI to develop an export strategy and plan.
This has seen UKTI identify the most appropriate partners for Ginsters to work with and which key export trade shows to exhibit at and has seen investment in the Cornish company to better serve an overseas market.
The CBI estimates that, if UK mid-sized businesses reach their full potential, they could be worth between £20 to £50bn to the UK economy.
Currently mid-sized businesses make up just 0.5% of all businesses but contribute around a fifth of employment and turnover in the UK.
In the South West Mid-sized businesses employ around 14% of the region’s workforce in variety of business sectors.
However in exports from mid-size companies the UK is lagging behind other European countries in its exports outside the EU which the government is hoping to improve with this new scheme.
Russell Jones, UKTI Regional Director in the South West, said: “Mid-sized businesses are amongst some of the most innovative and competitive, playing a crucial role in the UK’s economy.
“There are many of these businesses in the South West, some of which export already but need to do more, and others who are ready to export but have yet to think about an international growth strategy.
“We want to inspire these companies and help them to unlock their full potential growth through doing businesses overseas and by tapping into the support available to do so via UKTI.”
The Business Minister Lord Livingston said: “Mid-sized businesses have the potential to be economic powerhouses for the UK economy, creating jobs and growth for all regions of the UK.
“Their success is dependant on expanding beyond domestic markets so we will be making personal contact with all mid-sized businesses to find out what we can do to help them go up a gear and compete with the best the rest of the world has to offer.
“Businesses excel with UKTI’s support and we want to make sure that they are not just trading abroad, but thriving there.
“UKTI market and sector experts are based both in the UK and overseas – across 160 locations in 111 countries.”
