Companies in the Midlands are set to benefit from £13 million of Government funding aimed at helping more British firms export.
The funds will go to UK Trade & Investment (UKTI) to help more companies make contacts and sell to overseas markets.
The majority of the investment – up to £9 million – will go directly towards boosting trade opportunities for small and medium sized businesses (SMEs).
A sum of £2.5 million will be invested in helping firms access and win some of the many high-value opportunities UKTI has identified globally.
A further £1.5 million will be used for projects including support for UKTI’s work attracting inward investment into the economy.
The additional funding means there will be more money available for SMEs to attend trade shows overseas through expanding the Tradeshow Access Programme.
Also substantial discounts will be offered on the Overseas Market Introduction Service (OMIS), which provides targeted market research to help businesses find crucial first contacts and to encourage them to develop relationships in new, fast-growing markets.
In addition there will be increased support available for travel on overseas trade missions.
The announcement comes as UKTI prepares to host ‘Export Week’ from November 12-16, when there will be over 100 events across the UK designed to reach out to SMEs.
There will also be five ‘Explore Export’ events where UKTI experts from 70 overseas markets will be on hand to provide bespoke advice about trading both with our traditional partners and with high-growth markets.
Deputy regional director for UKTI West Midlands, Christine Hamilton said: “We welcome this extra funding which will give more West Midlands SMEs the chance to find and develop new customers and partners overseas.
“Exporting is crucial for firms to sustain their business and grow which is why we urge all West Midlands SMEs to take advantage of the support and opportunities on offer.” Business Secretary Vince Cable said: “We anticipate that over 10,000 businesses will benefit from the additional funding, moving us closer to our ambition of getting 100,000 more businesses exporting British goods and services around the world.”
