As the Tech industry has, to a large extent come to standstill with the pandemic isolation measures, the UK Government has announced its latest measures to boost digital trade. Trade Secretary, answering industry calls for support for UK tech firms. As such, the International office for UK Trade affairs took advantage of London Tech Week, to unveil a package of strategic interventions aimed at supporting UK tech companies to seize trade and investment opportunities overseas.
The UK has a longstanding history of being a powerhouse in Tech as the numbers revealed by Elizabeth Truss, also reveal. At the moment, there are 77 tech unicorns, whilst the UK already has the largest tech cluster in Europe, attracting investment worth over £10 billion worth last year alone, which is up 44% from 2018 and more than France and Germany combined.
Liz Truss, the nations’ International Trade Secretary, broke the Future Tech Trade Strategy down into 4 categories and noted on each:
“The new Future Tech Trade Strategy is all about attracting more investment from around the world into UK tech, but also promoting UK tech around the world and working with partners across the globe to really boost our presence in overseas markets where we know there’s a hugely growing demand for British products. What we’re doing really falls into four categories:
Free Trade Agreements
Whether it’s helping small businesses with customs facilitation, whether it’s helping with certification, these trade agreements really help the backbone – they essentially help create a digital single market between us and the country we’re trading with.
So, there’s a huge opportunity in terms of free trade agreements. But of course, free trade agreements are the framework.
Digital Trade Network
We are also announcing an £8 million digital trade network for the Asia Pacific, and this will help UK companies access those key markets. What it will mean, is that we have tech experts located in our embassies and high commissions that can actually help explain what you do to the local market.
Supporting UK exporters
The third thing we are doing is helping businesses more directly, making sure that they have the capabilities to export their products. We want more products suited to tech companies and I’ve asked UKEF to work with the tech industry to look at how we can make sure our products are helping underwrite your business.
Encouraging tech investment across the UK
We have outstanding talent; we’ve got outstanding tech companies. What we want to do as a government is making sure that we are leveling up across the country, so that that investment is, of course, going into London, but it’s also going to the North of England, it’s going into Wales, it’s going into Scotland, it’s going into Northern Ireland.
So, we are focusing on attracting more investment across the country and we are planning to have investment specialists located right across the country.”
The government official, also announced that the country has already entered negotiations for several new trade agreements and is already exploring more such opportunities.
The new measures will also help create and support jobs by increasing exports and attracting international investment. Feel free to click here to read the full statement by the International Trade secretary through the department of International Trade’s official portal.
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