New $50 million fund to help small businesses export to Russia November 10th, 2013 admin Latest News Shares Comments New $50 million fund to help small businesses export to Russia The Business Secretary is in Russia today (Monday) on a trade visit with over 30 British companies to boost the fast growing economic links between the two countries. New trade deals announced during Vince Cable’s visit will include Liverpool Vision signing an MOU with the Russians around the promotion of regions for business. They expect a Russian delegation will attend their International Festival for Business in 2014. Between 2009 and 2012, exports of goods and services to Russia have grown by over 75% from £4.3 billion to £7.6 billion. Vince Cable’s visit is part of Export Week which will be the biggest ever with 5,000 businesses expected to take part in events across the country as part of the Government’s ambition to raise the number of UK firms that export from a fifth to a quarter. A new national campaign, Exporting is GREAT, will also start today targeting almost 3 million people with the ambition of generating 3,000 appointments with UK Trade and Investment (UKTI) Advisers and driving £1.2 billion in export revenue from the leads it generates. With businesses earning £100,000 on average in additional sales within 18 months of working with UKTI, there is significant growth potential for individual companies. One example of a successful exporting firm is Cundall an international multi-disciplinary engineering consultancy with UK offices in Manchester, London, Birmingham and Newcastle. Carole O’Neil, Partner at Cundall, said: “In 2003, 1% of Cundall’s business was from international activity. In contrast, from the financial year end of 30 June 2013, 30% of Cundall’s business was from international activity, with projects now taking place throughout the Middle East, North Africa, Australia, Europe and Asia. “Cundall is proud to have been able to grow their business organically, with the assistance of export experts along the way such as UKTI. Cundall has worked with the same International Trade Adviser from 2009. They ask the right questions and ensure that the UKTI service being explored will bring about the best results required to aid business decisions.” As part of Export Week, Business Secretary Vince Cable will begin a two day trade visit to Russia aimed at further boosting fast growing economic links between the two countries. Between 2009 and 2012, exports of goods and services to Russia have grown by over 75% from £4.3 billion to £7.6 billion. Business Secretary Vince Cable said: “British small and medium sized businesses are the lifeblood of our economy. Many are doing incredible things and selling their services and products abroad. But too many do not realise their global potential. “I am in Russia this week launching the biggest ever drive to encourage SMEs to export – Exporting is GREAT. This campaign will help us reach the many businesses across the country that are ready to export and grow but have yet to take the plunge. “This can be a big step for many businesses and the government’s expert international trade advisors will guide companies every step of the way, with practical advice and support to find international customers. “This week I am joined in Moscow by a delegation of over 30 fantastic British businesses across construction, manufacturing and retail sectors. British exports to Russia have almost tripled in the last ten years, with around 600 UK companies currently operating in the country. The opportunities here are huge for British business – that’s why we’re also investing in a $50m fund to help British small businesses export to Russia.” The business delegation accompanying Vince Cable to Moscow will be made up of 31 UK companies from a range of sectors, including many small and medium sized businesses (SMEs). Other new trade deals announced during Vince Cable’s visit to Russia include: UK Export Finance will sign a deal with Alfa Bank to set up a $50 million line of credit for UK SMEs to export to Russia. This will help provide medium term loans on favourable terms to Russian buyers of UK SME export contracts. UKTI is setting up an investment operation in Russia, which will operate across 10 cities from this month. This program will run for 18 months to build an investor base and sustainable investment pipeline to the UK. AFSL has just completed the first stage of the contract to design a 45,000 seat stadium for Kuban Fc in the city of Krasnodar. The stadium will be the home to Kuban Fc, and will be capable of hosting FIFA events. Chartered Institute for Securities and Investment (CISI), is signing an MOU with the Financial University of the Russian Federation to promote practical activities around professional business qualifications between the two institutions. The Energy Services & Technology Association (ESTA) will be signing an MOU to share best practice in energy management with Russia’s national association of energy auditors. Speaking at the launch event for Exporting is GREAT in Birmingham, Trade & Investment Minister Lord Green said: “The Made in Britain brand is sought after across the world and many UK businesses are already taking advantage of this but we want more to follow. “Through Export Week and the Exporting is GREAT campaign we will strengthen the momentum of the Prime Minister’s challenge. “The UK’s future prosperity will not come from relying on domestic markets alone. Businesses excel with UKTI’s support and we want to make sure that UK firms are not just trading abroad but thriving there and competing with the best the rest of the world has to offer. In addition to the regional events held across the country a UK Trade & Investment (UKTI) roadshow will visit eight regions and feature more than 130 UKTI experts who will share their exporting experiences with companies. The roadshow will prepare UK companies to enter the global market, give advice on marketing to international clients and run workshops on the markets with the greatest potential for each region. Clive Drinkwater, Regional Director for UKTI North West said “I hope the events taking place during Export Week will encourage even more businesses and entrepreneurs to start trading abroad. We are providing free sessions throughout the week on how exports can help businesses to grow, with the Export Essentials workshops providing an excellent opportunity for new exporters to learn as much as they can at a one-stop shop. “So far over 250 businesses in the North West have signed up to these events and I look forward to welcoming them. “Earlier this year I launched a challenge to find 1000 new exporters in the North West. We are already well on our way to achieving this objective and I am sure that Export Week will boost the region’s progress. Virtually any company can export its products and services – from one-man operations to large corporations employing hundreds – and I would urge anybody interested in exporting to come along to one of our events and see how UKTI can help.” Submit News Contact us with your community, business or sport news. 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