3,000 Yorkshire businesses now receiving support to break into overseas markets
Over 3,000 Medium Sized Businesses (MSBs) are now receiving Government support to break into new markets overseas, Trade Minister Lord Livingston has announced.
UK Trade and Investment (UKTI), the government department that helps UK companies succeed globally, has increased the number of MSBs assisted by almost 2,000 in the past year alone.
Across Yorkshire and the Humber, 196 MSBs are now working with the regional UKTI team to explore new markets and expand existing export operations. That includes 66 companies who have signed up to programmes in the last twelve months, and means that almost a third of all the MSBs in the region are now working with UKTI Y&H.
Encouraging more MSBs to export is a vital part of the Government’s long-term economic plan to create jobs and reduce the deficit.
Lord Livingston said: “Medium Sized Businesses can be the driving force of the UK economy. By trebling the number receiving support from UKTI to over 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.”
Mark Robson, UKTI Regional Director for Yorkshire and the Humber, added: “In Yorkshire we have been quick out of the blocks to support Medium Sized Businesses and it is hugely encouraging that just under a third are now working with UKTI to grow their overseas business.
“It is a healthy total, especially in the context that a substantial number of the remaining two thirds are less likely to require our support because of the nature of their business/operation.
“That said, we are continuing to engage and are determined to work with even more local MSBs in the new financial year ahead. In order to continue building our understanding of their business needs, we will be sitting down with groups of MSB clients in the next few weeks to better understand what support they need from us and our partners.”
MSBs play a vital role in the economy. Despite making up just 0.5 per cent of all firms, they currently account for around a fifth of employment and 25 per cent of turnover in the UK.
This contribution is set to grow and, according to Confederation of British Industry estimates, could be worth up to £50 billion to the UK economy by 2020.
Helping MSBs export will also benefit small UK companies through the supply chain.
Simon Moore, CBI International Director, commented: “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.
“We have worked hard to unlock this growth potential, so it’s good to see Government providing more support to help these types of businesses improve their export performance.
“It’s imperative Government and other businesses continue to help MSBs sell their products and services into high-growth markets around the world.”
UKTI helps MSBs with guidance on export strategies, routes to market, international business culture, sources of additional expertise, and access to the unrivalled UKTI global contact network.
UKTI Y&H has run a programme of events in tandem with partners like the CBI to promote the support on offer.
This was posted in Bdaily's Members' News section by Robert Beaumont .
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