UK Trade & Investment (UKTI) has welcomed the announcement that it will receive an extra £7.5m funding to help support businesses exporting to China, as revealed by Chancellor George Osborne in today’s budget (March 18).
It said the funding will allow a “step change” in the support the UKTI can offer UK firms looking to operate in China and those already there.
UKTI said the investment will contribute to £1.3bn of export opportunities in the next year across advanced manufacturing; creative industries (which will include fashion) and education; energy and infrastructure; financial services; and healthcare and life sciences sectors.
Trade Minister Lord Livingston said: “These initiatives will give UK businesses access to on-the-ground expertise in China and offer greater support in the UK to access the biggest trade opportunities in high-growth markets. We are focussing on key sectors within China providing leadership to best support the 2020 Export Drive and increase UK businesses’ access to trade opportunities around the world.”