Four major new trade and investment hubs will be established in Scotland, Wales, Northern Ireland and the North-East of England to boost trade and investment.
The trade hubs in Edinburgh, Cardiff, Belfast and a new second major DIT site in Darlington, will be established as part of a new strategy to boost exports and bring the benefits of the government’s global trade policy to the whole of the UK, including benefits from future free trade agreements with the US, Australia, New Zealand and CPTPP.
They will mean exporters have a direct feed into UK trade policy, and can better take advantage of opportunities in fast-growing markets like the Indo-Pacific region. The trade hubs will also create a critical link between the regions and the resources of the Office For Investment – a joint initiative with the Prime Minister’s Office – to channel investment money into every UK nation and region.
The trade hubs will be home to teams of export and investment specialists, who can provide businesses with support and advice to help them maximise their export potential and boost their trade in new markets overseas; and gain better access to major trade markets like India, the US and Japan.
Earlier this month government-led research showed exports support 6.5 million jobs across the UK, 74% of which are outside London. The research estimates jobs directly and indirectly supported by exports pay around 7% higher than the national median, with Office for National Statistics estimating that goods exporting businesses are also 21% more productive.
Last year, goods exports from the North of England, Scotland, Wales, and Northern Ireland were £98.4bn.
International Trade Secretary Liz Truss said: “I’m determined to use UK trade policy to benefit every part of the UK. These Trade and Investment Hubs will help this country to an export and jobs-led recovery.
“They will mean we can channel investment into all corners of the country, and that exporters – whether they’re selling Scotch beef, Welsh Lamb or cars made in the North of England – have access to the expertise they need to sell into the fastest growing markets.”
550 staff are expected to be present in the hubs by 2025, with an ambition to increase this to 750 staff by 2030. An existing DIT Hub in Edinburgh announced in September last year, will see a significant increase in headcount following its relaunch today.