UKTI secures £13m to push SME exports
UK Trade & Investment has been handed an extra £13m, with the majority to be spent helping small and medium-sized enterprises (SMEs) sell overseas.
The body will invest £9m helping small businesses attend trade shows and providing them with market research to help make overseas contacts.
Business Secretary Vince Cable said: “One of our major ambitions for growth is to boost UK exports: we have to excel in trade. Small and medium-sized enterprises are crucial to this challenge – over half of the monetary value of the UK’s exports comes from SMEs.
“SMEs are innovators in every sector, whether hi-tech or traditional, and they are major job creators for our economy employing almost 60% of the private sector workforce.
“This extra funding will help those businesses already exporting to go further and explore new markets, and help those thinking of exporting to make that crucial first step.”
The new funding also includes £1.5m to support UKTI’s inward investment programme while £2.5m will go towards helping UK businesses access significant opportunities identified overseas.
