BExA member Trade Finance Global (TFG) has announced Shawn Chow, an Economics undergraduate at the University of Warwick, as the winner and recipient of the 2018 Trade Finance Global Accelerate Scholarship. Shawn was chosen from more than 2,000 applicants and will receive a £500 scholarship as well as a 5-week complimentary trade finance course from TFG.
BExA congratulates UK Export Finance (UKEF) on another solid set of results. Although the numbers of businesses supported and value of support fell from the previous year, the increase in the number of facilities written shows a continued growth in the use of UKEF products.
We will work closely with UKEF to realise their 2018-2019 objectives with particular focus on the product range review and marketing campaigns.
UKEF continues to be a real asset for UK exporters and is something to be proud of. BExA is pleased to see our recommendations coming to fruition and look forward to continuing our work in helping UKEF further improve their products and services.
The Annual Report and Accounts can be downloaded here.
The GTR-BExA Young Exporter Award brings recognition to a particularly capable young exporter. For more information about the award, entry criteria and to download a nomination form please click here.
Following a GTR-BExA Young Exporter roundtable event held in January, a follow-up article featuring BExA Co-Chairman, Geoff de Mowbray, and a number of Young Exporter Award winners, runners-up and finalists past and present has been published in the GTR+ UK 2018 supplement. The view the article online, please visit https://www.gtreview.com/supplements/gtr-uk-2018/roundtable-young-exporters-say/
|Following extensive engagement with businesses across the country, Baroness Fairhead, Minister of State for Trade and Export Promotion, today issued a final call for businesses to come forward and input into the Government’s forthcoming Export Strategy.
Issuing a final call for input from businesses today, the Baroness emphasised the importance of business driving the content of the Strategy, with the Department for International Trade estimating that more than 300,000 UK companies produce products that could be exported but currently have no overseas sales. Ministers have already conducted a series of roundtables with businesses of all sizes and across a number of sectors. These have been convened in conjunction with a number of key stakeholders, including the Federation of Small Business and the British Chambers of Commerce, to understand the barriers preventing companies from exporting.
The Minister also set out that the Export Strategy will build on the recent Industrial Strategy, as well as complement future British trade policy, by helping firms to increase their capacity to export their goods and services overseas.
Businesses are being asked to reflect on the challenges they face that currently prevent them from exporting to foreign markets. They will also be asked about the specific needs of their sectors, as well as the current offer of support available to them.
Baroness Fairhead, Minister of State for Trade and Export Promotion, said:
“Export support is a key way that the Government can help businesses succeed and grow. The aim of the Export Strategy is to provide assistance which is effective, high quality and timely, allowing companies to achieve sustainable growth on the world stage.
“Building on the foundations laid by the Industrial Strategy and our future trade policy, I am confident that with the vital contribution of British businesses – we can help take UK exports to the next level.”
The latest figures from the Office of National Statistics show that demand for British goods and services rose to the end of January 2018. UK exports rose by 11.5% (£64.5bn) in the month window to £625.9bn, with the overall trade deficit narrowing by £12.8bn in the process.
The Minister is today travelling to Hong Kong for the GREAT Festival of Innovation which is showcasing the best of British creativity to potential partners and investors from around the world.
From this week, British businesses of all sizes will also be able to showcase their products in front of millions of potential new customers as a new campaign launches between the Department for International Trade and some of Asia’s top e-commerce platforms and mobile shopping apps.
Over 160 British brands will have their goods promoted across three China and Hong Kong based e-tailers – ttHigo, Goxip and MyMM.
The Export Strategy is expected to report in the coming months. The Terms of Reference are included in today’s announcement.
BExA is delighted to announce that Debby Bass of Credit Agricole CA-CIB has been awarded an MBE for services to exporting in the Queen’s New Years Honours.
Co-Chairman Marcus Dolman commented “This is a well deserved award. Debby has been a major contributor to BExA for many years as the Chair of our Banking Committee and we are extremely pleased that her hard work and dedication to promoting UK exports has been formally recognised.”
Marcus Dolman, Co-Chairman of BExA, speaks to TXF about the issues behind the Association’s 8th Annual ECA Benchmarking Report ‘Exporting is not the new black’. Whilst UK Export Finance received a score of 9/10, the report is also insistent that, to fully promote UK exports, a pan-governmental approach must be taken. To read the full interview, please click here.
To download a copy of the response, please click here.
International Trade Secretary Liam Fox has announced that small businesses can now access government-backed export finance directly from their banks, boosting UK trade.
UK Export Finance (UKEF), the UK’s export credit agency, will on Monday 16 October launch a new partnership with 5 major high street banks allowing smaller businesses to access millions of pounds in government-backed trade finance directly from their bank in seconds.
UKEF, as part of the Department for International Trade, provides financial support to help UK companies sell to international customers. This new partnership with Barclays, HSBC, Lloyds, RBS/NatWest and Santander, announced by Liam Fox in July, comes as the Board of Trade met for the first time last week (12 October).
For the first time companies which supply exporters will also now be able to access UKEF-backed finance, helping them become part of major export contracts and spreading the benefits of trade to SMEs across the UK.
Secretary of State for International Trade, Liam Fox, said:
“Small businesses are the backbone of our economy, and giving them the support they need to seize international trading opportunities is a priority for the Department for International Trade as an international economic department. That’s why we’re partnering with the five major high street banks to make government-backed finance from UK Export Finance readily available, in a matter of seconds, opening up new global contracts to businesses across the UK.”
UKEF provides guarantees to banks to help businesses access bank finance, even where they’ve reached their credit limit or where the deal is considered too risky for the banks to take on alone – opening up emerging global markets to UK suppliers.
With this new partnership for finance up to £2 million, SMEs will be able to access UKEF support directly from their bank quickly and efficiently, without the need to apply separately. Provided a transaction meets UKEF’s criteria, the bank will just notify UKEF through a new secure digital platform. This will mean that, where previously it could take weeks in addition to the banks’ own turnaround times to access this support, it will now take a matter of seconds where the transaction is eligible.
As a result, the UK’s SMEs can quickly and easily access the funds they need to increase their exports, grow their revenue and sell British products around the world just by speaking to their bank manager.
At the same time, companies that aren’t yet selling overseas but are supplying products directly to those who are will also now qualify for UKEF support. Supplying to an exporter is a great way for smaller companies to get products into new markets, and government-backed finance can help secure contracts with big UK exporters to benefit from worldwide demand for UK goods and services.
Businesses interested can find out more by speaking to their bank.
Congratulations to Alastair White, Deputy Chairman of Biwater International Ltd, on being named GTR-BExA Young Exporter of the Year 2017. BExA Co-Chairmen, Geoffrey de Mowbray and Marcus Dolman, presented Alastair with his award at the BExA Annual Lunch held at Mansion House on 10th October. Alastair was commended for his leading role in Biwater’s international growth and development over the past decade, and notably for his part in securing the $1.2 billion Erbil and Sulaimani Water and Wastewater project.
In 2016, Alastair made history, sitting alongside UK Export Finance, to sign a landmark loan with the Kurdistan Regional Government (KRG) for the Development Works Phase of Erbil and Sulaimani Water and Wastewater Project. The loan was the first use by KRG of the ‘Law To Raise Funds Through Borrowing by The Kurdistan Region, number (7) of 2015’.
Runner-up of the Young Exporter Award this year was Jack Holmes, commended by judges for the passion and enthusiasm he demonstrated in his business development role at Winch Energy Ltd, a company providing renewable energy solutions and Wi-Fi services for off-grid rural populations in Africa.