Following the publication of the government’s Industrial Strategy yesterday, we sought views from Chartered Institute of Export & International Trade experts on its relevance for UK trade, business and future policy.
Welcome UKEF support
Marco Forgione, director general of the Chartered Institute, said that the strategy “sets out a much-needed long-term vision and clearly signals that the UK is open for business”.
“In the current volatile global landscape, it’s no surprise that economic security, domestic capability, energy resilience and skills development are front and centre.”
Anticipating the release of the government’s Trade Strategy, he added that the Chartered Institute “looks forward to reviewing the forthcoming Trade Strategy and seeing detailed plans to drive UK growth and deepen partnerships around the world”.
“As part of this, we welcomed the commitment through the Industrial Strategy to boost support through UK Export Finance (UKEF) and to enhance assistance for businesses expanding overseas.
"It’s particularly encouraging to see measures aligned with our own recommendations on SME tech adoption, as set out in last year’s E-Commerce Trade Commission report.”
He concluded that "the real challenge now is delivery, and we stand ready to help deliver the bold ambitions outlined in the strategy”.
Building on existing potential
The organisation’s UK public affairs lead Grace Thompson said that “what stands out most” to her “is the theme of utilisation and maximising potential which already exists”.
That includes “shouting louder about our incredible creative services sector to overseas markets, implementing intentional moves towards increasing adoption of electronic trade documents [and] supporting small businesses with wider digital adoption to boost productivity”.
“In many cases,” she says, “the opportunities for growth already exist – it is for government and industry leaders to work together to help the entire business community take advantage of them.”
Support for UK manufacturing
The Chartered Institute’s UK manufacturing lead Paul Brooks highlighted the need for lower energy costs to enable UK industry to thrive:
“From my discussions with manufacturers across the UK, one of their biggest challenges is their cost base. The biggest element for many makers is energy, with UK costs being double the EU average.”
He said that while he’s “pleased to see that the Industrial Strategy aims to address this imbalance, further support actions will be required”.
Brooks also noted the strategy’s announcement of new industrial zones, following work by the Chartered Institute in recent years to support freeports and other investment zones:
“A more joined-up approach to enterprise/investment zones and freeports is something we have been advocating for over the last few years. We will study the details behind Industrial Strategic Zones with interest.”
‘Increasing competitiveness’
Ilona Kawka, senior digital trade and customs consultant at the Chartered Institute, said that the commitment to tackling the high price industrial inputs is “strategically important to address price rises and increase our global competitiveness”.
“High energy prices are impacting the UK's ability to attract investment and to maintain the cost-competitive position of our products in the global market.
“Lowering those costs, as well as shifting towards green and clean energy, will reinforce our position as a cost-competitive trading partner and ensure that our exports can compete on the market from price perspective.”
