The Institute of Export and International Trade has launched a £5 million Export Support Program to help UK companies accelerate their journey into international trade.
The announcement also coincides with the United Nations World Small and Medium Enterprises (MSME) Day and is in line with the theme “Building a Stronger Future Together”.
Marco Forgioni, Director General of the Institute of Export and International Trade, said: “As a leading international trade organisation, founded on the principle of preparing people and businesses for international trade, we have designed an export support package to enable UK SMEs to fulfill their trade potential through export.
“The theme for this year’s MSME Day is Building a Stronger Future Together and our team is committed to helping companies achieve their international business ambitions.”
He continued, “The UK has signed several trade agreements that will benefit MSMEs across the country. However, it is imperative that we equip the business with the knowledge, skills, and experience to take full advantage of these opportunities. Through this customized package of advisory, training and execution, we will provide companies with the knowledge and experience to trade with confidence and compliant with the world.”
Registration of interest is now open and can be accessed via IOE & IT’s website here: https://www.export.org.uk/page/export-support-package.
the program
Companies applying to the Export Support Program will receive a customized package of training and advisory services to reflect their specific circumstances and needs.
The information provided will enable the IOE & IT team to match the business with the right trade experts to advise and support them on their export journey.
Micro, small and medium enterprises
The importance of MSMEs globally cannot be underestimated, as they account for more than 90% of businesses worldwide, yet they surprisingly contribute to less than half of the volume of international trade. This figure is more pronounced in the United Kingdom. Of the 5.5 million registered companies, 99.9% of them are classified as MSMEs and less than 10% of them are exported.
Limited access to information has been identified as a major barrier preventing MSMEs from engaging with international partners.
To further address this issue, IOE and IT have entered into a strategic partnership with the World Trade Organization (WTO) Informal Working Group on MSMEs in 2022. IOE and IT have helped revamp the WTO Trade4MSMEs platform and content.
Trade4MSMEs is an online portal dedicated to providing information that supports MSMEs to trade internationally.
The Export Support Program will harness this knowledge to focus on the UK market. It is exclusively available to every company and any UK MSME company can apply for access to this fund. During the duration of the export support package, IOE and IT intend to assist up to 1,250 companies.
Due to the nature and design of bespoke package companies, these will be segmented over a 12-month period. Slides will be identified at the point of registration.