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| Chamber opens the doors for Export to Egypt |
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Exporters are still not being given the support they need to drive economic growth as they struggle to access the essential export trade finance that moderates the risks of doing business overseas, according to the Chamber of Commerce.
A recent survey of UK exporters, focussing on export trade finance, has found that one in eight businesses that used export trade finance had experienced problems securing it over the last year, with nearly half of firms who had faced problems having lost business to exporters from countries with state-backed export finance schemes.
Trade finance underpins 90 per cent of all global exports, easing the flow of international trade by moderating its risks. Now the British Chambers of Commerce, which represents over 100,000 businesses across the UK, is calling on the government to act quickly to help those firms still struggling with export trade finance and prepare for future market shocks by ensuring a state-backed solution is available whenever needed to protect Britain's exporters.
David Frost, Director General of the British Chambers of Commerce (BCC), said:
'If the government is serious about encouraging British exports as a driver of employment, economic growth and prosperity, it must resolve blockages in the finance that underpins UK global trade. Our exporters need to be able to compete more effectively with rivals on the Continent and further afield, who are currently better supported during difficult economic environments or in riskier foreign markets.'
On a local level Cambridgeshire Chambers of Commerce is helping exporters to become more successful with a series of events aimed at encouraging local companies to consider new marketplaces within the Middle East.
John Bridge OBE, Chief Executive of Cambridgeshire Chambers of Commerce, said:
'The Egyptian government's recent adoption of more liberal policies towards trade has led to significant improvements in economic conditions. Customs tariffs have been slashed and there has been massive investment in communications and physical infrastructure. Furthermore the International Monetary Fund (IMF) has rated Egypt as one of the top countries in the world undertaking economic reform, so this represents a real window of opportunity for UK companies looking to enter a developing market poised for strong growth.'
The forthcoming seminar entitled 'Egypt: Open for Business' at Wood Green Animal Shelter on Tuesday 16 March will present would-be exporters with a picture of the Egyptian economy, culture and trade structure, describe where opportunities lie and offer advice on how to establish successful relationships and achieve working partnerships with Egypt.
UKTI will also be speaking at the event to describe the ways they can help businesses make their plans a reality with different types of business support including funding for market research and early stage entry, training and professional advice and support.
Egypt: Open for Business
Tuesday 16 March
4.00-7.00pm
Wood Green Animal Shelter, Godmanchester, nr Huntingdon, PE29 2NH
Cost: £17.00 (plus VAT) Chamber members, £25.00 (plus VAT) non-Chamber members
John Bridge added: 'We believe that the conditions are right for an export-led recovery. There are real opportunities for business in the global marketplace, even in these difficult economic times.'
Anyone interested in finding out wishing to find out more should call Helen Bosett on 01733 370809 or e-mail h.bosett@cambscci.co.uk
ADDITIONAL NOTES
Cambridgeshire Chambers of Commerce is one of the largest membership-based business organisations in the region, dedicated to supporting the continued success of businesses throughout the county.
The International Sector offers assistance to members who trade overseas, creating links with companies that wish to pursue import and export opportunities and sharing information regarding new and existing laws and regulations through specialist events and seminars.
The purpose of nearly all export finance schemes is to help a country's exporters in difficult markets, which the private sector will not cover, or during market difficulties (like recession) to ensure a continued ability to trade. Export finance generally involves either a letter of credit or export insurance.
253 businesses from the Manchester city-region were surveyed by telephone in conjunction with Greater Manchester Chamber of Commerce between 15 and 22 January 2010.
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| Release date: | 09 Mar 2010 |
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Find out more about the work of the British Chambers of Commerce, a national network of quality-accredited Chambers |
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