Department of Business and Trade and HSBC UK join forces to support businesses

The Department for Business and Trade (DBT) and HSBC UK have joined forces to help British businesses achieve their international trade ambitions and secure inward investment from around the world through a new partnership agreement.

Under the “ambitious” five-year partnership, UK businesses of all sizes will be able to seize trade and investment opportunities across the globe, and capitalise upon the benefits of closer working between HSBC UK and DBT, ensuring the UK is positioned as a top global destination for investment.

Four priorities for joint work between HSBC UK and DBT have been agreed:

  • Promoting and positioning the UK as a leading location for inward global investment by leveraging HSBC UK’s unique international network in over 50 countries and territories around the world;
  • Helping UK businesses seize opportunities available through new Free Trade Agreements via a joint webinar series;
  • Facilitating access to funding routes available through UK Export Finance (UKEF) for British businesses to ensure those eligible for funding do not miss opportunities due to a lack of finance;
  • Working together to promote the benefits and value of exporting to UK SMEs and jointly supporting the Department’s broader efforts to remove market-access barriers.

The UK already commands a leading position on the world stage of international trade. Businesses in the UK export more than £600bn worth of goods and services each year, and the government’s ambition is to achieve £1 trillion exports per year by 2030.

There is a clear appetite for British businesses to grow their international profile: in a survey of more than 2,000 UK businesses by HSBC UK, 53 per cent of those businesses already trading internationally reported how global trade was critical to their future growth, whilst 8 per cent, the equivalent of 448,000 UK businesses, have ambitions to start trading.

Minister for Investment, Lord Johnson, commented: “This government is absolutely committed to growing our exports around the world and attracting ever more inward investment to create jobs and grow the economy.

“Through this new partnership, UK businesses can take advantage of the lucrative and growing number of trade and investment opportunities being created across the globe, helping them to grow and thrive.”

Ian Stuart, CEO of HSBC UK, added: “We are proud to strengthen our excellent relationship with the Department of Business and Trade by launching this new joint strategic partnership.

“As the world’s leading bank for international trade finance, clients tell us that they value our exceptional knowledge and experience when navigating the challenges associated with international expansion.”

By Matthew Neville – Senior Correspondent, Bdaily

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