British international trade secretary Liam Fox recently unveiled an export strategy to make the United Kingdom a 21st century exporting superpower through better use of overseas network, new online tools and building an extensive business-to-business network. The aim is to raise total exports as a proportion of gross domestic product (GDP) to 35 per cent.
This comes as the government continues to roll out sector deals as part of the industrial strategy, boosting jobs and growth in areas where the country has a competitive edge. This is also a strategy to set the country’s sights high as it leaves the European Union (EU).
Last year £620 billion of goods and services exported by British companies accounted for 30 per cent of GDP. However, the department for international trade estimates that 400,000 businesses believe they can export but don’t, while demand for British expertise and goods overseas is growing, according to a British Government statement.
The new export strategy outlines how the government will produce smarter and more tailored support to British companies. It will encourage and inspire more businesses to export, amplify the voice of existing exporters to inspire other businesses, facilitate peer-to-peer learning, and inform and advice businesses.
New measures include developing great.gov.uk into a single digital platform for both domestic business growth and export support and working with large companies to help build the capability of UK supply chains.
The department will also assess financial incentives and signposting as a means to support small and medium enterprises access new markets, start 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 (UKEF) and promote UKEF support in overseas markets to help British companies and consortia win contracts. (DS)
Fibre2Fashion News Desk – India