International visits pay off for British business

Economy & Politics | Growth | Latest News
Dr Liam Fox

International Trade Secretary, Dr Liam Fox, has hailed millions of pounds worth of trade wins with some of the fastest growing economies as a sign of growing global links post-Brexit.

Capitalising on recent foreign visits by Cameroon’s Minister Secretary General, the Presidents of Panama and Turkey and the Prime Minister of India, the Department of International Trade (DIT) is helping UK businesses access exporting opportunities and increase prosperity across the country.

Following Trade Minister, Baroness Fairhead’s, meeting with Minister Secretary General Ferdinand Ngoh Ngoh, London based oil and gas company, New Age, and the Cameroon Government have agreed a deal which will see the development of a floating natural gas project in Cameroon utilising the offshore Etinde gas field.

The project is of huge importance to the African country, who will be able to ramp up their gas export operation, in turn generating a huge revenue stream for the public treasury, whilst also helping to develop offshore infrastructure in support of future local power generation.

Following the visit of the President of Panama, Juan Carlos Varela, Dorking based Biwater expanded a deal which sees them improving Panama’s water and wastewater infrastructure alongside the Panama Government.

The company’s work sees them delivering lasting environmental and social benefits to communities in Latin America’s fastest growing economy. The UK government provided support for the company and the project through UK Export Finance’s financial support offer.

UK life sciences company, GE Healthcare, also secured a deal earlier this week after the visit of President Recep Tayyip Erdoğan with Turkish construction firm KAYI holding. The agreement will see £74 million worth of medical equipment exported to hospitals being built across emerging markets of Turkey, Kenya, Tanzania and the Balkans.

DIT has also secured the first ever memorandum of understanding with the Qatar Central Bank which will see UK Cyber Security firms help secure Qatar’s online financial sector. The deal is hugely significant to the UK cyber security sector which already exports £1.6 billion worth of world-leading technology around the globe.

International Trade Secretary, Dr Liam Fox MP, said: “International visits by foreign ministers aren’t just good for the government but for UK exporters across the country too, so that local companies can expand their global reach.

“There are strong reasons for the UK to be optimistic about our presence on the world stage and this series of deals, worth more than £1.9 billion, showcases Britain’s world leading capability in key sectors such as cyber security and life sciences as we leave the European Union.

“That is why as an international economic department we provide a wide range of support for business such as our award-winning export credit agency, UK Export Finance, and our international trade advisers.”

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