The government has today announced its increased support to medium-sized businesses (MSBs) trying to export.
Trade minister Lord Livingston said UK Trade and Investment (UKTI), the government department that helps UK companies succeed globally, has trebled the number of businesses assisted to 3,000 in the last year.
MSBs are in growth and, although they make up just 0.5% of all firms, they account for a fifth of employment and 25% of turnover in the UK. The Confederation of British Industry (CBI) estimates they could be worth up to £50bn to the UK economy by 2020. Helping MSBs export will also benefit small UK companies, as 70% of MSB suppliers come from our domestic economy.
Exporters will be assigned UKTI trade experts to work with and help can include:
• advice and support from a UKTI International Trade Adviser
• help with developing an export strategy and action plans tailored to MSBs’ needs
• guidance on routes-to-market most relevant to MSBs
• advice on international business culture
• access to UKTI’s global network
• advice on marketing research projects, including market selection and sources of information
• support from UK Export Finance (UKEF)
• an Intellectual Property Health check.
Livingston said: “Medium-sized businesses can be the driving force of the UK economy. By trebling the number receiving support from UKTI to more than 3,000, we are helping to create jobs and growth across the UK. Exporting is not just for large firms and UKTI’s tailored programmes can help British MSBs to compete with the best the rest of the world has to offer.”
Simon Moore, CBI international director, said: “Our medium-sized businesses contribute a huge amount to the British economy and their export performance will be crucial to our prosperity in the next five years and beyond.”