International traders to receive tailored advice
Every mid-sized business in the country will be offered tailored trade advice and an intensive programme of support to help them start exporting or break into new markets, trade minister Lord Livingston has announced.Lord Livingston will personally write to all the UK’s 8,900 mid-sized businesses by this summer to ask them if they would like trade support from UK Trade and Investment (UKTI). Evidence shows that exporters do better with UKTI’s help and on average mid-sized businesses can increase their sales by £1.8m.
In the North West there are 870 MSBs – the largest number outside London and the South East. 19.2% of workers in the North West – almost one in five – are employed by the region’s mid-sized firms.One example is What More UK, an MSB in Burnley, which manufactures plastic homeware items which are exported to over 45 markets worldwide. What More UK is one of UKTI North West’s Export Champions, and worked with the international trade team to break into its most recent market, Korea, where they won a £100,000 order last year.
Mid-sized businesses are vital to the government’s long-term economic plan to reduce the deficit and create more jobs. The CBI estimates that, if they reach their full potential, it would be worth £20bn to £50bn to the UK economy. Currently mid-sized businesses make up just 0.5% of all businesses but contribute around a fifth of employment and turnover in the UK.However only 17% of UK mid-sized businesses generate revenues outside of the EU compared to 25% in Germany and 30% in Italy.
Clive Drinkwater, regional director, UKTI North West said: “The North West has the third largest number of MSBs in the country, and therefore this initiative announced today by Lord Livingston is extremely important for the region.“Our team of experienced international trade advisers will be actively supporting this hugely important sector of the market, where we think there is real export potential, and we will be doing everything we can over the next year to back this programme.”
Speaking ahead of the Meet the Mittelstand conference in Staffordshire, which is bringing successful German companies to Britain so UK companies can hear about their strategies for success, Lord Livingston said: “Mid-sized businesses have the potential to be economic powerhouses for the UK economy, creating jobs and growth for all regions of the UK.“Their success is dependant on expanding beyond domestic markets so we will be making personal contact with all mid-sized businesses to find out what we can do to help them go up a gear and compete with the best the rest of the world has to offer.
“Businesses excel with UKTI’s support and we want to make sure that they are not just trading abroad, but thriving there.” Companies interested in learning more about exporting opportunities should contact UKTI at www.ukti.gov.uk/midsizedbusiness