MPs have this week published an important report on the UK Government?s new trade and investment strategy.
The report?written by the House of Commons Business Select Committee?suggests that efforts to persuade more SMEs to export are at risk because of cuts to the funding of the Government?s trade promotion arm, UK Trade & Investment (UKTI).
In our evidence to MPs, we drew attention to the need to give further thought to how the core parts of the new UKTI strategy will work in practice. Whilst funding and personnel are key to this, we think that further thought needs to be given to improving some of UKTI?s existing products, as well as exploring innovative delivery mechanisms for support services.
Following the publication of the report, ICC UK?s Director, Stephen Pattison, said, ?this report should help focus minds on the challenge ahead of us. Just one in five UK SMEs currently sell abroad. UKTI?s strategy is a promising start, but we now need to focus on getting the delivery right.”
Mr Pattison added, ?we particularly welcome the report?s recommendation that UKTI should look to work more proactively with business associations. Our experience suggests that ICC?s international network can act as a powerful tool for UK firms.?
The Select Committee report and ICC UK?s evidence can be accessed at the Parliament website.