Lord Davies of Abersoch, minister for trade, investment and small businesses, has urged UK businesses to ramp up their exports to better compete with their European neighbours such as Germany and France.
“We’ve got 4.8 million small to medium-sized businesses (SMEs) in the UK – they are the lifeblood of the British economy and we have got to encourage more international expansion. The reality is small businesses need to export more.”
Lord Davies was speaking at the London Export Awards 2010 held this week in Central London and hosted by government body UK Trade & Investment. The awards recognised the achievements of London-based exporting companies from a number different sectors, including the creative industries and engineering and manufacturing.
The event showcased London’s exporting talent hoping to encourage more firms both in London and the UK to boost their export volumes. It also aimed to revamp London’s image as purely a hub for financial services.
The event follows news that UK’s trade deficit widened in December last year, whereas Germany’s exports are rising and its trade surplus narrowed in the same month.
The UK’s trade deficit increased to £7.3bn in December, rising from £6.8bn in November. This is the largest UK deficit recorded for a year.
Lord Davies commented: “Businesses across UK are getting sense that there are huge opportunities to export, not just in Europe and the US but also in markets like China, India, and Indonesia. We can’t afford to be complacent. Germany and France also want to be in that space.”
He went on to defend UK banks, defying claims that the banks do not have the appetite to finance SMEs.
“I do believe the banks are there, and I do believe the money is there, but I don’t believe that confidence is quite there across the UK for small businesses to make that quantum leap,” he remarked, although adding that he was both “humbled and inspired” by the strength of small businesses in the UK.
A total of eight awards were handed out during the ceremony, covering creative industries, engineering and manufacturing, financial, business, and professional services, life sciences and technology. There was also an award for London’s young exporter of the year, best newcomer and the top accolade of London’s outstanding exporter of the year.
Barclays was one of the sponsors for the event, and Vivek Ramachandran, head of cash and trade, sat on the judging panel.
Commenting on the awards, he remarked: “The achievements of the exporters recognised through these awards are magnified by the incredibly challenging economic circumstances in which they have succeeded.
“They should be applauded and offer an example for other UK businesses to follow. The depth of nominees is testament to London’s strength as an export centre.”
London Export Awards 2010 Results
London’s Outstanding Exporter of the Year: FilmLight – a Soho-based company, which also triumphed at this year’s Academy of Motion Picture Arts and Sciences' Sci-Tech Oscar Awards.
London’s Creative Industries Exporter of the Year: Knomo, creator of bags for both men and women.
London’s Advanced Engineering & Manufacturing Exporter of the Year: Specialist Energy Group, manufacturer of specialised pumps and electric motors for the power generation, offshore and other industries.
London’s Financial, Business & Professional Services Exporter of the Year: RIZE recruitment, international recruitment IT and telecommunications solutions consultancy.
London’s Life Sciences Exporter of the Year: Smart Cells, a company dedicated to researching innovative ways in which to combat illnesses.
London’s Young Exporter of the Year: MyDestinationinfo.com, producer of a network of travel guides providing up-to-date news on everything a traveller needs to know.
London’s Best Newcomer of the Year: TestPlant, a technology firm responsible for what is regarded as the world’s leading automated software testing tool.
London’s Technology Exporter of the Year: Joint Winners: FilmLight and Avanti, the UK’s only fixed satellite service operator.
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