UK Government marine export plan
UK Business Minister, Michael Fallon, announced a joint government and industry plan to strengthen British marine exports and improve the UK’s competitiveness at the Tullett Prebon London Boat Show this week.
The strategy, which is being led by UK Trade & Investment (UKTI), will lay the foundations for a long term strategic vision for the future of the British marine industry, which currently contributes around £19bn per year to the UK economy. With the joint strategy, this figure is expected to grow to around £25bn by 2020.
Speaking at the exhibition this week, Mr Fallon, who is also co-chair of the Marine Industries Leadership Council, outlined key industry challenges and the steps to be taken to help businesses capitalise on emerging markets in Brazil and China.
Neil Semple, head of automotive and marine, UKTI, told Maritime Journal: “The main aim is to generate the growth of the UK industry through exports. It’s about identifying key geographical markets and customers and to improve the capability, innovation and productivity of the industry through finding new markets for the products and services.”
He added: “The next step is to work with the industry to help implement the strategy. We will continue a high level campaign such as the current one with Petrobras in Brazil and targeted trade missions to key customers in China and South Korea.”
The strategy highlights naval defence, leisure boats and equipment as some of the most promising sectors and features eight recommendations for growth. These include encouraging inward investment into targeted segments of the UK marine and offshore wind sectors, enhancing the relationship management of existing trade and targeting overseas companies and potential inward investors.
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