Tees Valley to become home of world's first centre for £25bn digital trade industry
A world-first centre dedicated to accelerating the digitalisation of international trade is to be set up in Tees Valley, driving forward the government’s ambition for the UK to become the global leader on digital trade.
The Centre for Digital Trade and Innovation will be coordinated by the International Chamber of Commerce UK and supported by the Tees Valley Mayor and Combined Authority, industry and government.
Working closely with the Teesside Freeport it will provide a focal point to bring together initiatives and expertise and enable industry to develop the latest technologies and approaches to frictionless trade and remove barriers to growth.
The aim is to make the UK the first country in the world to establish the private sector infrastructure which will lead research and pilot and test new approaches to trade. It will bring together industry experts and thinkers to work alongside the government to nurture a pipeline of opportunities to further digital trade growth.
It is expected that digitalisation could cut trade costs by 80 per cent and generate £25bn of SME export growth and an additional £1bn in SME trade finance, halving the country’s trade finance gap.
The unveiling of the new centre follows recent announcements such as the government’s Darlington Economic Campus which will be home to senior civil servants from key government departments and agencies including the Treasury, the Business Department, the Department for International Trade.
Tees Valley Mayor Ben Houchen said: “Teesside, Darlington and Hartlepool now have a chance like never before to throw open their doors to international trade and take advantage of all the opportunities of a truly global Britain. This is thanks in no small part to the Teesside Freeport, the UK’s largest and first operational Freeport.
“We’re delighted to be working alongside the Centre for Digital Trade and Innovation and feeding into their work. It’s once again showing how our region is thinking outside of the box, at the forefront of nationally significant strategies paving the way to transform trade in the UK.”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular North East morning email for free.