The Government have recently announced new measures to boost trade and further establish the UK tech industry as a global player, helping create and support jobs by increasing exports and attracting international investment, aiding recovery post coronavirus.
- Tech is a key growth area for the UK, contributing £149bn to the economy in 2018, (7.7 % UK GVA) and employing more than 2.9 million people.
- The UK is currently a world-leader in tech and digital, attracting more than £10bn worth of investment in 2019, ranking third only behind the US and China.
During London Tech Week, a package of strategic interventions to support UK tech companies will be unveiled, with the aim to strengthen market readiness and attract investment opportunities overseas, specifically to fast-growing international markets, including Asia-Pacific.
The new measures are just one aspect of a wider support programme for UK tech, with a focus on ensuring the UK tech sector benefits from trade opportunities, including future free trade agreements (FTAs). FTAs with partners like the US and Japan will enable the UK grow further, continuing to set high standards in areas of digital technology and e-commerce, encouraging further investment into the UK’s world-leading tech companies.
- Last year, the UK attracted a record £10.1bn worth of investment (up 44% from the previous year), more than Germany and France combined.
The investment plan aims to not only boost the sector over the long-term, but significantly contribute to its immediate recovery following Coronavirus by driving innovation and creating jobs.
“Recent research by Sage UK shows 37% of UK SMEs are looking to grow their trade in international markets over the next 3 months.”
The comprehensive range of measures include:
- The creation of a new £8, Digital Trade Network for Asia-Pacific, which will support UK SMEs to break into the Asian market.
- The launch of a new Tech Exporting Academy, which will provide expert advice to UK scaleups on subject areas essential to expansion, including regulation, intellectual property, and compliance.
- A new DIT platform to supercharge UK tech engagement on the global
- The creation of a new tech network to enhance the English regions’ ability to grow international tech partnerships.
- An expansion in support for DIT’s High Potential Opportunities (HPOs) tech programme, to drive foreign direct investment (FDI) into emerging subsectors including 5G, Industry 4.0, Photonics and Immersive Technology, ensuring the UK remains the most attractive destination for tech investment in Europe post-Coronavirus.
- The launch of a new fintech campaign in the UK, including promoting UK fintech companies who enable digitisation and resilience in priority export markets, to enhance UK tech competitiveness on the global stage after Coronavirus and ensure we remain the best place to start, scale and internationalise a fintech business.
- An uplift in outreach and engagement by UK Export Finance’s (UKEF) marketing and communications to raise awareness of UKEF’s offer among UK tech firms.