Baroness Fairhead: Taking UK exports to the next level
4 min read
Minister of State for Trade and Export Promotion, Baroness Fairhead, writes about the importance of the UK's new Export Strategy.
The UK has enormous potential to increase its exports. And that is a goal worth pursuing – whatever the outcome of the Brexit negotiations - as evidence clearly shows that companies who export make more money, employ more people and create more enduring businesses.
Less than a fortnight ago, Dr Liam Fox, the International Trade Secretary, and I launched the government’s new Export Strategy alongside the British Chambers of Commerce at the Institute of Directors in London. The strategy was developed through significant engagement with companies the length and breadth of the UK. It builds on the Industrial Strategy and is supported right across government. It sets an ambitious goal to increase UK exports from 30% to 35% of GDP and a clear plan for the government’s role. I hope it kick starts a national conversation about exporting
I am clear that the hard work begins now. We need to move from words to actions.
That is why I am in Birmingham today for the launch of Barclays’ new Trade Centre, which has 30 dedicated staff to help businesses begin and scale-up their export operations.
This vibrant city has long been the home of world-beating manufacturers, such as Jaguar Land Rover, and is renowned for its industrial prowess. But it is now also attracting a new wave of businesses, from innovative Life Sciences companies – such as those at The Binding Site, who are making a real impact on global healthcare – and whom I will be visiting later – to international banks who see the investment potential in the Midlands.
It is the perfect setting in which to convene would-be and current exporters from all over the UK and collaborate with them on future projects and guide them to the right services for their needs.
Partnership is crucial to the success of our exporters, and this step by Barclays is a fantastic start to strengthening the links between private sector support providers and UK businesses on the front line. For although it is businesses that export, not governments, businesses believe that government CAN play a significant supporting role, particularly in performing tasks that only governments can do – and we standby ready to so.
Government has, for example, a unique capability to break down barriers to international trade and create connections , which is why the Department of International Trade was established and why our Export Strategy ensures that we are focussed on doing just that. We will be:
- encouraging businesses to look to new markets – it is estimated nearly 400,000 companies have exportable products and services, but don’t yet export- ,
- informing companies byoffering meaningful export advice in partnership with other public and private providers to ensure there is “ no wrong door” for help,
- connecting businesses to opportunities overseas and each other
- and placing UK Export Finance – our award-winning export support agency at the heart of our offer
The strategy builds on our existing support – including our extensive network of trade advisors in the UK and across 108 countries, the pool of Export Champions promoting UK trade as part of our peer-to-peer system, and our digital platform, great.gov.uk – as well as laying the foundations for future initiatives.
Not least, the Export Strategy underlines our commitment to not allowing any viable UK export to fail for lack of finance - highlighting UK Export Finance’s £50bn capacity to support exports to 60 countries and its ability to insure businesses against non-payment and other risks.
British business is primed to succeed internationally. On each and every overseas trade mission, I am struck by the strength of the British label on goods and services, and the pull it has on foreign consumers. The opportunities are out there for British companies, and I will be using this visit, and others like it, to encourage companies of all shapes and sizes to contact their local International Trade Advisor, reach out to our Export Champions, or browse great.gov.uk. Together, we can help the UK reach its potential as a great trading nation.
Baroness Fairhead is the Minister of State for Trade and Export Promotion at the Department for International Trade (DIT). She is a Conservative peer.
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