The Secretary of State for International Trade, Dr Liam Fox MP, has outlined how UK Export Finance (UKEF), the export credit agency, can help exporters. The Secretary of State has also highlighted the importance of emerging markets in Asia and Africa. Liam Fox’s full speech is available to view here.
UKEF offers support to companies wanting to export overseas. In 2016/17 the financial support system provided £3 billion in support. It specifically benefits small and medium-sized enterprises (SMEs), as they can now apply for UKEF bonds and working capital support for up to £2 million directly from five major high-street banks. 79 per cent of last year’s funding went to SMEs.
The government minister also stated that by 2020 China’s middle class is expected to number 600 million, and by 2050 Africa on its own will represent 54% of world population increase. This presents the UK with significant economic opportunities, and the video games industry with much larger target audiences.
It is noted that by 2030 China will have over 220 cities with a population greater than 1 million people. The thriving economies of South and East Asia and, increasingly, Africa, have the potential to drive demand for services, including those provided by the digital and creative industries.
For more information about UK Export Finance, see here.