Government to help companies gain more business overseas

Ministers said a new focus on business was needed if the UK was to remain economically competitive in future years.

UK Trade & Investment (UKTI) said it will adopt a more entrepreneurial approach and will actively seek out overseas investors as well as working more closely with British companies.

Business Secretary Vince Cable said: “We’re rightly proud of British firms and making sure they can increase their exports to a worldwide audience is vital if we are to rebuild our econ- omy.

“We also know the UK already has a great reputation as a place to do business and we want to do all we can to make sure foreign investors come here.

“Today, we’re announcing practical help for UK companies to ensure they win business overseas, and we’re setting out how we will actively attract inward investment to the UK with ambitious plans to target sovereign wealth funds and expand the global entrepreneur programme.”

UKTI, an arm of the Business Department, said it will bring more private sector expertise into its links with exporters and inward investors.

Steve Radley, director of policy at the Engineering Employers Federation, said: “This is a welcome example of different parts of government pulling together to boost British exports.

“It should provide the foundation for companies to exploit opportunities not just in the well known emerging markets but beyond and into newer areas.

“It will help many innovative small and medium-size businesses to play a larger role on the global stage.

“However, this focus must not be at the expense of larger companies with deep supply chains.”

Angus McCarey, UK retail director for online auction site eBay, said: “SMEs (small and medium-sized enterprises) involved in cross-border trade often have the highest growth rates and poten- tial.

“The internet breaks down barriers to entry into export markets, which is why entrepreneurs and SMEs doing business on eBay UK exported £446m worth of goods in 2010, up 128 per cent since the credit crunch in 2007.”