INTERNATIONAL TRADE


Sir John Peace


Budget boost for international trade to level up the whole region


With remote working, good


access and communications to our supplier network, plus remaining flexible, we're confident we can keep our clients and their customers happy. We are even moving some of our mail services by sea, to ensure its delivery.


WHAT DOES THIS MEAN FOR FUTURE INTERNATIONAL TRADE? It’s still far too early to tell what the consequences of coronavirus will be to supply chains, the logistics industry and the wider economy. The chances are that the crisis


will pass and its impacts mitigated by travel bans and extended holidays. However, this must be a warning to politicians and all in the industry


that many modern supply chains lack resilience. Businesses which have a globally


integrated supply chain and run ‘just in time’ stock are becoming all too aware of the consequences. But they will have the size and Government support to overcome this. Everyday businesses, which rely


on imports or exporting, may need to rethink their strategy on international businesses. The ‘commodity purchase’


approach of freight and shipping is exposed when the norm is so severely challenged. Paying a little extra and having expert support to help manage as and when things aren’t so straightforward will be considered a small price to pay for a while to come.


While the Chamber’s training and events programme is currently postponed, stay tuned to www.emc- dnl.co.uk/enabling-international-trade for information on upcoming International-related activity later in the year.


Among the Chancellor’s Budget announcements recently was significant news for the Midlands Engine’s international aspirations with the announcement of additional funding to support Midlands firms in reaching overseas markets, the creation of envoys who will champion our region overseas, and a package to capitalise on the Commonwealth Games. This will supplement existing Department for International Trade


funding which has already been allocated to the Midlands for the coming financial year. The Midlands is contributing £90bn to the national economy


through its international activities and is in a strong position to achieve even more. In line with national ambition, we are seeking to capture the economic potential of international activities, increasing their value by 29% to £116bn per annum. In February 2019, the Midlands Engine Internationalisation Strategy


was launched, which was developed via cross-regional collaboration with over 70 stakeholders. Simon Hall, DIT Deputy Director, Midlands Engine, said: “Having


worked with the Midlands Engine Partnership to develop an Internationalisation Strategy it’s great news that we now have extra funding to implement more of its recommendations. “The DIT Midlands Engine Team is looking forward to continuing our


work with partners across the region to expand our success in helping firms to grow through exporting and attracting new investment.” Sir John Peace, Chairman of the Midlands Engine, added: “The Midlands Engine partnership has long understood the value of showcasing the wealth of potential our region has to offer the world and has worked to add value in key markets in Europe, Asia, America and further afield. “We look forward to even closer collaboration with the Department


for International Trade to ensure these investments bring significant increases in international trade, securing growth and enhanced prosperity across our region.”


business network April 2020 53


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