Government announces additional funding to help UK SMEs export
- Published on Friday, 28 September 2012 15:35
- Posted by Scott Buckler
Government has awarded an additional £13 million of funding to UK Trade and Investment (UKTI) to help 10,000 more British companies export goods and sell to overseas markets
The majority of the investment – up to £9 million – will go directly towards boosting trade opportunities for small and medium sized businesses (SMEs).
This additional funding for SMEs means that there will be more money available for SMEs to attend trade shows abroad through expanding the Tradeshow Access Programme. Funding will also ensure that substantial discounts will be offered on the Overseas Market Introduction Service, which provides targeted market research to help businesses find those crucial first contacts overseas and to help them develop relationships in new, fast-growing markets.
This announcement comes as UKTI prepares to host 'Export Week' from 12-16 November, when there will be over one hundred events up and down the UK designed to reach out to SMEs. There will also be five 'Explore Export' events where UKTI experts from 70 overseas markets will be on hand to provide bespoke advice about trading both with our traditional partners and with high-growth markets.
Business Secretary Vince Cable said, "One of our major ambitions for growth is to boost UK exports, we have to excel in trade. Small and medium-sized enterprises are crucial to this challenge – over half of the monetary value of the UK's exports comes from SMEs."
"SMEs are innovators in every sector, whether hi-tech or traditional, and they are major job creators for our economy employing almost 60 per cent of the private sector workforce. This extra funding will help those businesses already exporting to go further and explore new markets, and help those thinking of exporting to make that crucial first step.
Trade and Investment Minister Lord Green said, "This extra investment will directly help businesses to travel abroad to showcase their products, find more customers, and make the contacts they need to succeed. As we look to trade more with high-growth markets outside the EU, we want to ensure businesses have the .support they need to realise their full potential."