The Government’s new export strategy will support businesses and boost the attractiveness of British security goods and services, it has been revealed.
Launching the new Security Exports Strategy this week, the Department for International Trade (DIT) said the scheme will ensure that UK companies “remain at the forefront of growing global demand for security exports”.
The UK’s security economy includes products from cybersecurity systems and physical barriers to communications and data analytics software. The latest statistics suggest that this market collectively won £5.2 billion in sales in the last year alone.
However, product manufacturers often face red tape and unnecessary regulatory hurdles when attempting to export their goods and services due to the nature of the sector, considerably cutting export opportunities.
According to the DIT, the new strategy will encourage businesses to export by providing trading “know-how” and guidance, as well as by connecting business owners with overseas partners.
Government will also back businesses by ensuring that alternative forms of corporate finance are available should any business be turned down by mainstream lenders, such as banks and building societies.
Commenting on the strategy, Liz Truss, Secretary of State for the Department for International Trade, said: “Britain’s security exports market is booming. Last year alone businesses collectively saw their overseas sales reach £5.2 billion and this Government is committed to seeing that figure grow this year and beyond.
“This Strategy I am launching today seeks to do just that. By providing support for businesses, harnessing the UK’s global network using DIT’s Trade Commissioners, and promoting the UK Export Finance offer to business, we will ensure they remain the vanguard of security exports and services.”
To access the Security Exports Strategy, click here.
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