Tech start-ups given support to expand overseas
New measures to help UK tech start-ups expand overseas have been announced by the Government.
The scheme includes a trade network to help small businesses break into the Asian market and a Tech Exporting Academy to advise firms on issues around expansion.
The Department for International Trade and the Department for Digital, Culture, Media and Sport (DCMS) said the new measures will help growing tech businesses in the long term as well as the immediate recovery from the coronavirus pandemic.
The Government said the scheme should help increase technology exports to international markets and take advantage of any future free trade agreements.
The announcement comes as the UK begins formal negotiations with Japan over a free trade agreement.
International Trade Secretary Liz Truss said: “The measures we have announced today will help businesses take advantage of opportunities in fast-growing markets overseas, and provide the support that firms need to grow and eventually ‘go global’.
“Trade agreements we are negotiating with key partners will go further than others in addressing barriers to digital trade, opening up huge opportunities for our exporters and also for inward investment into the UK.
“I want the UK to be the leading global voice in digital trade and the intellectual driving force in the space, breaking new ground in trade policy and pushing forward innovative new ideas like a global single market for digital trade.
“Now is the time to harness our talent and potential and unleash it on the world stage. The measures announced today are an important step forwards in achieving that.”
The Government said £8 million would be used to launch the Digital Trade Network for Asia Pacific, which will look to support UK tech businesses to expand internationally.
The Tech Exporting Academy will provide expert advice to businesses on expanding overseas, including taking insight from professional services firms such as Linklaters, Deloitte and KPMG on areas such as tax, intellectual property, regulation and compliance.
Digital Secretary Oliver Dowden said: “The UK is home to a globally renowned tech sector and we are determined to help it grow further by taking an unashamedly pro-tech approach.
“Through this strategy we will give tech businesses of all sizes and all over the country the tools they need to expand their operations overseas and succeed on the world stage.”