THE BUSINESS OF INTERNATIONAL TRADE
The Minister for Exports says that British businesses must harness the opportunities created by the trade deals the UK has signed with 70 countries plus the EU as he sets out his ambition to use UK Export Finance’s (UKEF) £50 billion of finance capacity to stimulate UK trade.
At the 4th annual UK Trade & Export Finance Forum hosted by UKEF, Mike Freer fired the starting gun on an export revolution powered by the UK’s rejuvenated export credit agency.
This is a vital part of the UK’s new ‘Made in the UK, Sold to the World’ strategy to set the course for an ambitious export target of £1 trillion worth of UK goods sold overseas, seizing the opportunities presented by an expected quadrupling in global trade by 2050.
Minister Freer has said: “There are huge areas of untapped export potential across the UK. One in seven firms with a turnover over £500,000 are not exporting and could be. UKEF is here to help change that.”
He highlights how UKEF has provided vital support to businesses during the pandemic, filling the gaps in private sector provision at a time of seismic shifts in the global economy. He says that UKEF is now ready to support the economic recovery by helping businesses build back better than ever before.
He adds: "Over the last 18 months, UKEF has been agile and responsive to the needs of the market. The department underwent radical changes and emerged stronger. But it has billions of pounds remaining. I am here to say it can do even more. It is open for business.”
The speech points to the success of the innovations already introduced over the last 2 years to rejuvenate UKEF’s offer and announce:
Further support for renewable businesses
Clean industries already support 410,000 jobs across the country. This number is growing rapidly, with the clean growth sector estimated to be worth up to £170 billion to the UK economy by 2030.
As part of a relentless focus on the industries of the future, delivering on the promises made at COP26, UKEF is making it easier than ever before for UK exporters of clean growth services to access funding.
The Minister says: “From carbon capture to green hydrogen, and offshore wind to green bonds, the UK is immensely strong. And we must export our expertise to the world. This is why agreements like the one signed today between UKEF and GE are so important. It will harness UK expertise to help build a better world.”
The Minister closes by highlighting UKEF’s role in delivering the UK’s new export strategy and the need for greater financial support for exporters.
He concludes: “We have set an ambitious goal to achieve a trillion pounds’ worth of exports a year by 2030. But behind this headline figure are countless businesses, communities, and people. And vital for delivering for all three, will be an expanded and re-energised UKEF – turbocharging exports and ensuring what is made in the UK is sold to the world.”
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