Welsh companies can reap the rewards of a growing export market with UK Export Finance support, Wales Office Minister Alun Cairns said as he visited a successful Cardiff-based business.
The UK Export Finance - the national export credit agency - can help Welsh companies gain access to the finance required to fund overseas contracts, or insure against the payment risks associated with exporting.
Mr Cairns visited BCB International Ltd and saw first-hand how UK Export Finance has helped the long-established designer and manufacturer of survival and protective equipment export to Ecuador and Colombia.
Mr Cairns said:
Our long term economic plan is all about backing business and helping them to drive economic growth and we are ambitious when it comes to exports.
With the UK already the sixth largest exporter in the world - exporting goods and services worth £500 billion in 2013 - the opportunities for Welsh companies have never been greater.
We want to see 100,000 more UK companies exporting by 2020, potentially adding £400 million a year to the UK economy.
Mathew Hughes, UK Export Finance’s Adviser in Wales, added:
UK Export Finance has already assisted many Welsh exporters to gain access to the finance required to fund overseas contracts, or to insure against the payment risks associated with exporting.
However, there are undoubtedly many more businesses across Wales who are facing these issues and may not know where to turn for guidance. We’d welcome the opportunity to work with any such business, as the support that we provide can make a tangible difference to an exporter.
UK Export Finance is the UK’s export credit agency. Sectors in which UKEF has supported exports include: aerospace, petrochemicals, construction, oil and gas, mining and metals, telecommunications, and transport. UKEF has a regional network of Export Finance Advisers supporting export businesses.