Trade Minister Baroness Fairhead will today (Monday, 9 July 2018) announce the expansion of a Global-trade Entrepreneur Programme (GEP) across the Western Balkans, as part of plans to build a long-term partnership with the region.

More than 20 entrepreneurs from Serbia, Bosnia-Herzegovina, Montenegro, Kosovo, Macedonia and Albania are set to attend the 2018 Western Balkans Summit in London, showcasing what they have to offer the UK market.

Whilst in London, the up and coming businesses will have a chance to meet with their UK counterparts, building a bridge between the UK and the Western Balkans, and spot opportunities for collaboration.

The GEP has already proved extremely successful in providing guidance to budding entrepreneurs around the world, resulting in 900 entrepreneurs investing in the UK since 2005 – creating more than 5,000 high quality jobs and raising more than £1 billion in venture capital.

Trade Minister Baroness Fairhead said:

The Department for International Trade (DIT) is committed to breaking down barriers to trade and investment, stimulating growth in emerging markets that will create jobs, improve quality of life and bring prosperity to communities both in the UK and around the world.

Through the availability of British expertise, broadening the GEP in the Western Balkans is a win-win for both the British economy and those of the 6 countries involved.

Her Majesty’s Trade Commissioner for Europe, Andrew Mitchell said:

The possibilities for deeper trade and investment ties with the countries of the Western Balkans are some of the most exciting emerging opportunities for the UK in Europe.

Given the importance of trade to the security and economic stability of the Western Balkans region, DIT’s new impetus for the GEP in the region is an example of exactly the type of work that I will be looking to encourage as the new Her Majesty’s Trade Commissioner for Europe.

In enhancing the skills of entrepreneurs from the region, their ventures will develop into viable propositions that will contribute to the Western Balkans region’s economic prosperity, strengthening the business environment in all 6 countries.

The UK’s trade in goods and services with the region was at £2.25 billion in 2016, a 71.7% year-on-year rise.

Further information

The UK is Europe’s leading base for entrepreneurs, with a record of nearly £3 billion raised in venture capital funding in 2017 – more than Germany, France and Ireland combined.

The GEP attracts overseas-based, entrepreneur-led companies with innovative technologies by offering expert guidance on our how to scale up and internationalise their operations.

Entrepreneurs are attracted to the UK because of its competitive tax system, business-friendly regulation, skilled workforce and dynamic financial markets, along with key incentives for research and development, intellectual property protection, patent development and venture capital investment.

The Chancellor, Philip Hammond has travelled to Jeddah, Saudi Arabia for a series of bilateral and business engagement meetings, as part of the government’s ongoing work to support the Kingdom’s Vision 2030 agenda.

While in Jeddah, the Chancellor is meeting King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman. He will also meet the Minister of Finance, the Minister of Commerce and Industry, Minister of Economy and Planning, and the Minister of Energy, and the Managing Director of the Public Investment Fund. Ken Costa, the Prime Minister’s special envoy for Vision 2030 is accompanying the Chancellor, as are the co-chairs of the newly established Private Sector Groups, Catherine McGuinness and Gerry Grimstone, and the CEO of UK Government Investments Mark Russell.

Vision 2030 is the roadmap for Saudi Arabia to pursue social and economic reforms. The UK is a key partner for this agenda.

Philip Hammond said:

The UK is working closely with Saudi Arabia as it takes positive steps forward through its’ ambitious Vision 2030 plan. We are uniquely positioned to offer the country our continued support with their economic diversification and social reforms. Increased trade and investment opportunities will benefit both of our Kingdoms.

While in Jeddah, the Chancellor will also witness the signing of a £27 million contract between British facilities management company Serco, and the Soliman Fakeeh Hospital group.

He is also meeting with British businesses based in Saudi Arabia.

The visit follows Crown Prince Mohammed bin Salman’s visit to the UK in March.

Further information

During the visit of the Crown Prince Mohammed bin Salman, the UK and Saudi Arabia committed to establish Private Sector Groups as part of achieving the goal of $100 billion of additional trade and investment over the next ten years, and $30 billion invested in and through the UK.

The review was commissioned by the Defence Secretary Gavin Williamson after he launched the Modernising Defence Programme (MDP) to strengthen the Armed Forces in the face of intensifying threats, alongside the Prime Minister and the Chancellor.

The independent review of defence’s contribution to national economic and social value by Philip Dunne looks right across the Armed Forces and industry to provide an in-depth picture to inform proposals for reform into the MDP.

Defence Secretary Gavin Williamson said:

Philip Dunne’s review shows how vital defence is, not only protecting us from global dangers and safeguarding our national prosperity, but also to our economy by creating thousands of specialist and highly-skilled jobs and creating billions in exports.

He paints a clear picture of how defence and defence industry reaches every corner of the UK and is central to employment in so many cities and towns.

He lays down some key challenges to consider as our Modernising Defence Programme continues to ensure defence is the best it can be in a post-Brexit Britain.

The report also includes a number of recommendations for review, including: further research into the impact of significant procurements on national prosperity; building on the strong relationships with industry suppliers; and considering how the UK’s world-leading institutions could be given greater entrepreneurial freedoms.

Philip Dunne said:

I am pleased to have been able to undertake this review and am grateful for the help of all those in and outside the Department who have contributed.

This is the first time for some years that an independent report has sought to look at the whole impact of Defence on the UK economy, its devolved nations and regions in England.

Defence has made a number of important steps in meeting its prosperity objective. It makes a major contribution to our economic well-being, with 500,000 people working directly and indirectly in Defence and over 25,500 apprentices developing skills. In several local communities Defence is one of the leading providers of high skilled jobs.

But there is more that can be done as Defence has to adapt to rapidly evolving technological threats, so too should it seize the opportunities to adapt and improve its own processes to help meet the challenges of the high-tech defence future.

I look forward to seeing how the MOD responds to this report and have confirmed to the Defence Secretary that I am willing to revisit in some months’ time how the Department has considered and where it has decided to implement these ideas.

Defence makes a huge contribution across all regions of the UK whether as a major employer, a large investor or as a hub for local communities. Defence is the third largest landowner in the country with 220,000 hectares often benefiting remote and rural communities.

The report reveals that around 500,000 people support defence across the UK. It outlines that the UK’s defence industry is one of the world’s strongest with an annual turnover of £22 billion supporting 260,000 jobs, many of which are highly skilled and well-paid. Most importantly, he acknowledges that defence is a major contributor to the nation’s skills and one of the largest employer of apprentices with over 25,500 currently enrolled.

Dunne also acknowledges that, in addition to the MOD budget of almost £37 billion, defence’s direct contribution to GDP features over £7 billion of exports generated each year on average. Just recently a shipbuilding contract worth up to £20 billion was signed between BAE Systems and the Australian government for British-designed Type 26 frigates – the biggest Naval defence contract for a decade.

Defence’s relationship as a customer and industrial partner with many high growth sectors in the economy generates more activity, particularly in the aerospace, space, cyber, and increasingly the knowledge economy and creative sectors.

Defence is also driving investment in British industry through the National Shipbuilding Strategy, which was launched last year to transform the UK maritime industry and boost the prosperity of regions, shipyards and maritime supply chains across the country. The MOD is also set to launch a Combat Air Strategy to ensure Britain maintains a world-leading combat air capability.

The MOD will now consider the findings of Philip Dunne’s report as work continues on the MDP.