TELEMATICS COMPANY The Floow is among 30 British businesses accompanying the Prime Minister on a trip to South East Asia this week in a bid to promote the UK’s fast-expanding financial technology industry.
Over the coming days the delegates will visit Indonesia, Singapore, Vietnam and Malaysia as part of David Cameron’s efforts to accelerate the growing exports of the UK’s ‘Fin-tech’ sector, as was outlined in the Government’s productivity plan this month.
Delegates include Aviva, Airbus UK, Balfour Beatty and JCB as well as The Floow, which supports global insurers from its base in Sheffield.
Aldo Monteforte, founder and chief executive, said the multi-stop tour is an “incredible opportunity to build links with both private and public sector guests in each location” with a view to complementing the company’s existing client base and recent expansion in the strategically crucial Chinese market.
The trip is the first trade mission of the new Parliament. The region is forecast to grow at 5 per cent this year.
The Government has set a target to increase UK exports to £1 trillion a year and to get 100,000 more UK companies exporting by 2020.
Speaking ahead of the visit, the Prime Minister said: “Over the next 20 years, 90 per cent of global growth is expected to come from outside Europe and Britain must be poised to take advantage.
“That’s why I’m delighted to be taking British businesses to this vast and dynamic market, securing deals worth over £750m and creating opportunities for hard-working people back at home.”
Mr Cameron called for the European Union and Association of Southeast Asian Nations to jump start negotiations talks on a free trade agreement.
The Government said a deal between the trading blocs has the potential to benefit the UK economy by £3 billion every year – nearly £120 per household – by creating one of the biggest free trade areas in the world with combined GDP of over $20 trillion.
Mr Cameron said the deal would “turbo charge growth across the single market” and provide a shot in the arm for Europe’s economy.