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Marine industries seek export opportunities

Export opportunities have been identified by the British marine industry in emerging markets such as China, Brazil and South Korea.

Business Minister, Michael Fallon, announced a plan made between the Government and industry leaders to boost the UK’s global standing in the marine sector, which currently contributes £19bn a year to the economy.

Speaking at the Tullet Prebon London Boat Show, Mr Fallon outlined the UK Marine Export Strategy, which included eight recommendations to target the offshore oil and gas sector, naval defence, and leisure boats and equipment businesses.

Mr Fallon said: “The marine and maritime sectors are a vital part of our economy, contributing approximately £19 billion each year and employing 367,000 people.

“What we can do with this evolving strategy is build the foundations for the future of the British marine industry.

“It forms part of our wider Industrial Strategy, which is planning the long term success of British business.

“A wealth of growth opportunities exist in the global marine sector that can benefit the UK economy.

“However, as this report highlights, UK companies face challenging conditions, particularly in more traditional markets like the European Union, which is why bigger opportunities lie further afield.”

Proposals included plans to launch a campaign to seek out major marine business opportunities, increase inward investment to enhance the UK’s capabilities, and enhance existing relationships between UK traders and their investors.

Mr Fallon also announced the Government would implement a marketing strategy for British marine businesses in high growth markets like China. UK Trade and Investment (UKTI) will front the scheme in conjunction with industry and stakeholder bodies.

Richard Sadler, CEO of Lloyd’s Register and Co-Chair of the Marine Industries Leadership Council, said: “We are optimistic about the future of our sector, led by humanity’s desire to recover from difficult times.

“We believe things will get better in the next couple of years, so I call on UK marine and maritime companies to invest with government in innovation, training and exports.”

The marine export plan’s launch will coincide with the Technology Strategy Board’s £8 million Vessel Efficiency Collaborative Research and Development Competition launch.

Iain Gray, chief executive of Technology Strategy Board, said: “The Vessel Efficiency Competition is a first for the UK, driving innovation and technology to deliver growth across the marine and maritime sector which is predicted to grow to around £25 billion per year by 2020.

“Our competition offers real growth opportunities in each of the main sectors – commercial, offshore, naval and leisure. Its focus is to build collaboration across the maritime and marine industry whilst at the same time developing UK-based supply chains and SMEs.”

This was posted in Bdaily's Members' News section by Miranda Dobson .