The Institute of Export & International Trade (IOE&IT) has launched a new support program to help UK micro, small and medium-sized enterprises (MSMEs) accelerate their international trade journey. Specifically, this £5mn UK MSME export support scheme coincides with the United Nations’ World MSME Day. The initiative aims to provide up to 1,250 businesses with the essential training required to expand into global markets.
Bespoke Training for Small Businesses
Any UK MSME can apply for a customized package of training and consultancy services. These packages reflect the specific circumstances and needs of each individual business. Furthermore, the IOE&IT will onboard successful applicants in tranches over a 12-month period. Because MSMEs make up 99.9 per cent of the UK’s 5.5 million businesses, this support remains vital for national economic growth. Currently, fewer than 10 per cent of these firms export their goods or services.
Breaking Barriers to International Trade
The IOE&IT identified limited access to information as a significant barrier for MSMEs. Marco Forgione, IOE&IT director general, states that while the UK has signed numerous trade agreements, businesses must possess the expertise to use them. Consequently, this UK MSME export support provides the knowledge and skills necessary to trade confidently and compliantly. This programme follows the success of last year’s £1mn International Trade Accelerator Voucher scheme, which businesses fully claimed within a week.
Enhancing Skills and Compliance
The previous voucher scheme offered coupons for training and educational services. These courses helped businesses navigate new rules for importing and exporting goods after Brexit. In addition, the institute offers one-to-one surgeries with experts to assist freight forwarders, bank advisors, and trade intermediaries. For individuals seeking senior roles, the IOE&IT also provides educational courses up to MSc level.
Collaborative Initiatives for E-commerce
This programme is the latest in several initiatives designed to encourage small businesses to internationalise. For instance, a new e-commerce trade commission recently went live. This commission brings together major organisations like the Federation of Small Businesses and global tech firms such as Amazon, Google, and Shopify. Together, these partners aim to deliver clear changes that boost UK e-commerce trade.
Courtesy: gtreview.com
