NEWS > Compelling return for international trade programme
Published: Tuesday, 21 Sep, 2010
The South West Regional Development Agency, RDA, and UK Trade & Investment, UKTI, announced on 13 September 2010 that an independent evaluation report had revealed that regional international trade and inward investment programmes have generated approximately GBP118.6 million Gross Value Added, GVA, and created or safeguarded over 2,000 jobs in the region over a five year period. Between the period 2004 and 2009, approximately
The South West Regional Development Agency, RDA, and UK Trade & Investment, UKTI, announced on 13 September 2010 that an independent evaluation report had revealed that regional international trade and inward investment programmes have generated approximately GBP118.6 million Gross Value Added, GVA, and created or safeguarded over 2,000 jobs in the region over a five year period. Between the period 2004 and 2009, approximately 376 businesses were supported by RDA investment of GBP2.9million to enhance the activities of UKTI’s existing Passport to Export programme. The Passport programme encourages and develops the skills of businesses that are new to exporting. Support includes business mentoring, training and targeted financial support for overseas market research. Approximately 70 per cent of these firms stated that the Passport programme had helped them and that export turnover had increased by 18 per cent over the course of the programme. Over 70 per cent of the new export markets were in Europe.
The programme also generated 146 ‘involved successes’ across the region between 2004 and 2009. An ‘involved success’ is characterised as one in which the RDA has been significantly involved, providing a regional tour, location search and access to UK R&D expertise/facilities, and they include first-time investment and re-investment/expansions as well as University collaborations and some research and development activity.
Additional top-line inward investment and international trade statistics highlighted:
* As of 2009 the region had approximately 6,000 goods-exporting businesses.
* The South West’s largest exporting sector is machinery and transport, accounting for 63% of regional exports compared to a national average of 39%. The other South West major export sectors are manufactured goods and chemicals.
* Since 2004 the number of foreign owned companies (FOCs) in the region has grown by over 56%, faster than in any other region. The latest data shows that there were some 6,700 FOCs in the South West. FOCs have 5.6 times higher GVA per firm than UK-owned firms in the SW and FOCs have higher levels of productivity, particularly in the manufacturing sector.
* The United States, including Canada, is the most important source of Foreign Direct Investment into the South West. Australia and New Zealand are the second most important source, followed by Japan, France, and China.
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