Tag Archives: Trade

UKEF Supports Export Of Bombardier Aircraft Made In Belfast

Baroness Fairhead announces UKEF financing for the sale of C Series aircraft to Korean Airlines, supporting investment and jobs in Northern Ireland

© Bombardier

© Bombardier

Baroness Fairhead, Minister of State for Trade and Export Promotion, said:

The UK is at the forefront of the civil aerospace industry and I am delighted that the Department for International Trade is backing this landmark contract, which will support the global success of Bombardier’s C Series programme and its operations in Northern Ireland.

This represents a double-first; it is the first time that UKEF has supported a C Series aircraft sale from Bombardier, who are a major investor and employer in Northern Ireland, and it is the first sale of the C Series to an Asian airline.

This contract clearly shows the value of support from UK Export Finance to those investing into the UK as they grow their international businesses.

The announcement comes at a historic moment for the UK and Asia, with two weeks to go until the UK Government hosts the GREAT Festival of Innovation in Hong Kong, designed to boost trade between the UK and Asia.

UKEF has worked in partnership with Canadian export credit agency, Export Development Canada (EDC), to provide Korean Airlines with financing to support the sale to date of two C Series aircraft, whose wings and parts of the fuselage – a significant proportion of the complete aircraft – are made at Bombardier’s site in Belfast. UKEF has provided reinsurance support to EDCfor the UK elements of the aircraft.

Michael Ryan, President, Bombardier Aerostructures and Engineering Services, said:

The C Series aircraft is the market leader in the 100- to 150-seat segment and subject to significant global demand. This aircraft has advanced carbon fibre wings and advanced technology fuselage sections manufactured in Belfast. We are very proud to have secured our first C Series aircraft sale to an Asian airline and with the backing of UK Export Finance and Export Development Canada look forward to building on this success.

UKEF, Bombardier and EDC are planning to extend the programme, with further support likely to follow for future C Series deliveries to Korean Airlines scheduled for 2018.

British Trade Envoy To Egypt Visits Cairo And Alexandria

British Trade Envoy to Egypt visits with the largest Trade Delegation in nearly two decades

UK Trade Envoy to Egypt

UK Trade Envoy to Egypt

British Trade Envoy to Egypt, Sir Jeffrey Donaldson, arrived in Egypt on 11 February for a five day visit, heading up the largest British trade delegation in nearly two decades. The visit will focus on the sectors of oil and gas, education, infrastructure and health.

The UK is Egypt’s largest foreign investor and this visit is an opportunity to further deepen the trade links between the two countries by exploring investment opportunities across Egypt. Over 50 companies will be taking part, including existing investors in Egypt such as Bombardier, Fujitsu, Mott MacDonald, and GSK, as well as companies looking to invest here for the first time.

The delegation includes the 33 companies from the Scottish Development International and six from the Energy Industries Council, whose companies focus on the oil and gas industry. It also includes 14 companies from the transport and healthcare sector, and four companies focused on opportunities in the education sector.

Sir Jeffrey will meet with Minister of Trade and Industry, Tarek Kabil; Minister of Investment and International Cooperation Dr Sahar Nasr; Minister of Health Dr Ahmed Rady; Minister of Education Dr Tarek Shawky; Minister of Higher Education, Eng. Khaled Abd El Ghaffar; and Minister of Transport Eng. Hesham Araffat.

Sir Jeffrey Donaldson said:

This is the largest trade delegation I have brought to Egypt, and is a very encouraging sign of the vast potential British companies are seeing in investing in Egypt’s future. Egypt and the UK are working to ensure that their trade relationship remains as strong as ever, by ensuring continuity of effect post-Brexit, which means in real terms that the investment links between the two countries can continue to go from strength to strength.

His Excellency Ambassador John Casson said:

We’re seeing Egypt reaping the benefit of recent reforms, with a new wave of foreign investment and exports rising. The UK, as Egypt’s top economic partner, is here to support Egypt – through our work with the Egyptian government, through StartEgypt, our new fund to support Egyptian start-ups, and through our business-to-business links. The next step is to ensure that these reforms have a real impact on the lives of everyday Egyptians, by creating jobs, and it’s exciting to see so many British companies looking to invest here in order to do just that.

UK Trade Minister Visits India To Boost Creative Ties

Baroness Rona Fairhead to open the first India-UK Createch Summit in Mumbai promoting UK innovation in the creative industries

Baroness Rona Fairhead

Baroness Rona Fairhead

Minister of State for Trade and Export Promotion, Baroness Rona Fairhead, is today (Monday 5 February) travelling to India to launch the very first India-UK Createch Summit in the country’s tech capital, Mumbai.

The event is the pinnacle of a series of trade missions from the UK to India. These have seen more than 100 British companies from across sectors such as automotive, healthcare and film visiting the country during January and February, showcasing what they have to offer and forging important new trading ties.

Baroness Fairhead will join HRH The Earl of Wessex to launch the event. This will bring together almost 1,000 leading figures from across business and government to celebrate innovation such as augmented reality and creative robotics that are uniting the creative and technology industries. Mumbai is considered the creative capital of India and ministers believe that increased engagement with UK businesses will provide booming trading links in the creative industries.

The UK’s creative industries have long been renowned for innovation in recent years, and tech businesses received more than twice the level of investment than their competitors in any other European country in 2012 to 2016. Createch has great potential to further that reputation as well as boosting economic growth and job creation.

The UK and India enjoy strong trading links. Latest statistics show that bilateral trade increased by 13.6% in the year to September 2017 compared to the previous year, with travel services and machinery the top service and good exports respectively.

While in Mumbai the minister will also help launch the new VisitBritaincampaign alongside CEO Sally Balcombe. The campaign is aiming to further boost tourism between the 2 countries, which saw the number of visits from India to the UK reach record levels in the first 9 months of 2017.

There were a record 436,000 visits from India to the UK from January to September 2017, up 32% compared to the same period in 2016. Visitors from India spent a record £355 million in the UK from January to September 2017, up 7% compared to the same period in 2016.

Baroness Fairhead, Minister of State for Trade and Export Promotion, said:

The UK is a world leader in the creative and technology industries, and it is inspiring to see the connections between UK and Indian companies, especially in so vibrant a creative hub as Mumbai.

The opportunities for growth are plenty, and as an international economic department we will continue to use trade missions not only to boost UK exports, but also to help businesses of all sizes forge ties and build relationships with potential buyers and investors.

Visit Britain CEO, Sally Balcombe, said:

India is a fast-growing outbound visitor market and extremely important for VisitBritain. Our campaign ‘I Travel For’ aims to build on the strong growth we have seen in visits from India, showcasing that Britain is bursting with fun activities and adventure, exciting and contemporary culture and highlighting less-explored destinations.

By promoting wonderfully unexpected experiences, alongside our globally renowned and iconic cultural landmarks and attractions, we want to inspire even more visitors from India to book a trip to Britain right now.

Baroness Fairhead will also present the annual Department for International Trade Rocketship Awards. These were established 4 years ago to connect the brightest of India’s tech start-ups/scale-ups to both UK and Indian investors, encouraging them to internationalise their businesses via the UK.

The minister will also visit Bengaluru whilst in India, meeting with a series of potential investors and future export partners such as Bangalore International Airport and Technicolor.

New HM Trade Commissioners To Lead UK Trade And Investment Overseas

Dr Liam Fox announces Antony Phillipson and Crispin Simon will lead the coordinated effort to promote UK trade and prosperity in North America and South Asia

Dr Liam Fox

Dr Liam Fox

  • International Trade Secretary, Dr Liam Fox, appoints 2 new HM Trade Commissioners (HMTCs)
  • New York Consul General Antony Phillipson appointed as HMTC for North America
  • Mumbai Deputy High Commissioner Crispin Simon named for South Asia role

As the UK prepares for future trade agreements with countries around the world, International Trade Secretary, Dr Liam Fox, today (Monday 5 February) names 2 new HMTCs. They will champion British trade with some of the UK’s biggest economic partners.

With 90% of growth projected to come from outside the EU, Dr Fox said the appointments signal “a new way of doing things”, with far more autonomy for his senior officials to improve trade with key markets of the future.

Antony Phillipson has been appointed as HMTC for North America, while Crispin Simon has been appointed to the South Asia role.

International Trade Secretary, Dr Liam Fox, said:

With the IMF predicting that 90% of growth will come from outside the EU, we need to look at where the emerging markets are and put UK businesses in prime position to benefit.

That is why, as an international economic department, we are introducing a new way of doing things with the appointment of our HM Trade Commissioners.

They will have more autonomy to do what works best in their region to improve trade with key markets of the future.

Antony and Crispin bring a wealth of in-country knowledge and expertise to their new roles, alongside an extensive network of contacts in North America and South Asia – 2 key growth markets where British companies already have a well-established presence.

In North America, the United States is the UK’s single largest trading partner and biggest export market, accounting for 14.5% of all UK trade and more than 18% of British exports in 2016. Whilst in South Asia, trade in goods and services between the UK and India alone was worth more than £15 billion in 2016. Both regions are home to some of the world’s largest and fastest-expanding economies.

These appointments follow an innovative new approach by the Department for International Trade (DIT) which last month published a list of upcoming visits by ministers, calling on businesses to have their say on ‘in market’ issues. Dr Fox and his team will be visiting India and the United States in the next few weeks, where they will also meet with the new HMTCs.

DIT Permanent Secretary, Antonia Romeo, said:

I am delighted to welcome Antony and Crispin to their new roles. They have both already done a fantastic job promoting the UK overseas, and securing inward investment to the UK.

As HMTCs, they will play an important role leading our work overseas to help British businesses export and grow internationally, and attracting investment into the UK.

Speaking after his appointment, HMTC for North America Antony Phillipson said:

The US and Canada are 2 of the UK’s most important trading partners. Developing our independent trade policy and future agreements will boost companies on both sides of the Atlantic looking to invest, create jobs and spread growth.

Crispin Simon, HMTC for South Asia, added:

The strength of Britain’s highly-skilled workforce is widely recognised in South Asia, with Indian companies alone creating or protecting more than 11,000 jobs in the UK last year.

British businesses exporting and investing in India also support one in 20 jobs in the country’s private sector – and I am excited to be helping more UK-based companies unlock the trading opportunities that one of the world’s fastest-growing economies has to offer.

Dr Fox Business Boost For International Trade Visits

Opportunity for UK businesses to influence issues raised during overseas ministerial visits

Dr Liam Fox

Dr Liam Fox

International Trade Secretary, Dr Liam Fox, is responding to requests from UK businesses and putting them at the heart of trade policy, by getting their input into international trade visits ahead of time.

From today (Tuesday 23 January, 2018) the Department for International Trade (DIT) is taking an innovative new approach by publishing a list of the countries Dr Fox and his ministers will be visiting up to April 2018. Businesses will have the opportunity to have their say on ‘in market’ issues.

Over the next few months DIT ministers will be visiting a diverse range of countries – both in and outside the EU – including India, Bulgaria, Spain, Belgium, Hong Kong, the United States and the Netherlands – to boost the UK’s trade and investment relationships.

ONS statistics show exports of UK goods and services have increased by 12.9% to £619 billion over the year to November 2017, compared to the same period a year earlier. Goods exports increased by 14.7% and services exports by 10.8%. Over the same period total imports of goods and services increased at a slower rate – 10.3% – narrowing the trade deficit by £8.6 billion.

However, DIT estimates that there are around 300,000 businesses in Britain that could be exporting – yet currently have no overseas sales.

International Trade Secretary, Dr Liam Fox, said:

The big increase in exports shows UK companies are succeeding on the world stage and consumers want the high quality goods and services that we have to offer.

With the IMF estimating 90% of global growth is likely to come from outside the EU, there is huge scope for more British companies, particularly smaller businesses, to target overseas markets.

As we set out our plans for our own independent trade policy for the first time in 40 years, businesses are at the heart of this and will have their say at every stage of the process.

DIT is currently working on a new ‘Export Strategy’ to develop a new culture of exporting in the UK as figures show that only around 9% of firms exported in 2016, but there is the potential for many more to do so. The Export Strategy review will take evidence from businesses to consider how to increase exporting activity and unlock international opportunities. It will report in spring 2018.

Last month Dr Fox’s department also launched a new ‘GREAT Export Readiness toolkit’ which is set to help those businesses thinking of selling their products on a global scale. The toolkit provides a step-by-step guide for exporting, from advice on the best markets, to help with creating an export plan for investors and advice on the best ways of selling overseas including online or through in-country agents.

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