Member Article

Number of South East MSBs receiving export support trebles

The number of Medium Sized Businesses (MSBs) now receiving Government support to break into new markets overseas has increased 340 per cent since 1 April 2014.

UK Trade and Investment (UKTI), the Government department that helps UK companies succeed globally, has increased the number of MSBs assisted across the country from 1,000 to 3,000 in the past year.

In the South East 648 companies have signed up the scheme, as encouraging more MSBs to export is a vital part of the Government’s long-term economic plan to create jobs and reduce the deficit.

Lewis Scott, regional director for UK Trade & Investment (UKTI) South East said: “Medium-sized businesses are crucial. They are an engine room for growth and if they were to adopt a strong international position it would add a tremendous amount towards the Government’s £1tn by 2020 export target.

“We’re delighted that so many of the South East’s companies have embraced exporting and the support that UKTI can provide and we look forward to continuing to work with them to help them further boost business overseas.”

Announcing the national figure, 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.”

One MSB in the South East to benefit from UKTI help is Surrey Satellite Technology Ltd. To date, 99 per cent of SSTL’s revenue is export-generated.

With little demand for satellites in the UK, it is essential to establish international customers and reach out to new markets.

Beginning their relationship with UKTI South East International Trade Team more than eight years ago, SSTL have taken advantage of a wide range of services and programmes.

Steve Young, head of International Business at SSTL, said: “Our relationship with UKTI has proved absolutely fundamental, not only in entering new markets, but also securing contracts. We find many of our international contracts can become politically involved, so we find support from governmental bodies such as UKTI invaluable.

“Securing a contract can take a number of years to finalise, and we involve UKTI from the very beginning.”

This was posted in Bdaily's Members' News section by Ellen Forster .