UK launches Maritime Trade and Investment Plan to turbocharge multibillion-pound maritime sector

18 Sep 2019 12:48 PM

International Trade Secretary, liz Truss launches new Maritime Trade and Investment Five Year Plan.

A strategy to boost trade and investment into the UK’s premier position for maritime businesses was launched by International Trade Secretary, Liz Truss, recently (Tuesday 17 September).

The Maritime Trade and Investment Five Year Plan focuses on five key areas:

International Trade Secretary Liz Truss MP recently said:

The UK has a world-class reputation in maritime with a long history in shipping and great port cities up and down the country. Our Trade and Investment 5 Year Plan sets out how we can showcase this and our global capabilities in maritime technology, science and shipbuilding.

As an island nation, our oceans are a precious resource and shipping a vital economy. We are committed to working with coastal communities and the maritime sector to drive growth and make sure businesses are ready to trade on October 31.

A new Maritime Export and Investment advisory Group (MEIG), chaired by trade body Maritime UK, will also advise firms on industry trends, how to access support to take advantage of global opportunities and consult industry on the most critical market access challenges that the government can address.

Speaking about the announcement, Harry Theochari, Maritime UK’s Chair, recently said:

This plan will help us to enhance our competitiveness by boosting the export of our maritime products and services whilst attracting more investment into the country.

A key product of Maritime 2050 has been the establishment of Maritime Research and Innovation UK; the national collaborative research and innovation body for the sector. Its initial innovation focus on decarbonisation, digitisation and automation, mirrors those set out in this plan. That means we are properly joined up with the government- innovating the products and services the world needs, and then getting them to customers in markets across the world through the actions in this plan.

The maritime sector is one of Britain’s biggest industries, supporting almost £46.1bn in Gross Value Added (GVA) and more than one million jobs.

The Maritime Trade and Investment Five Year Plan is the next stage of the government’s export strategy to ensure the economy is fit for the future, which aims to raise exports as a percentage of GDP from 30% to 35%.

The announcement follows London International Shipping Week which showcases the opportunities for international businesses once the UK leaves the EU on October 31. It will help reinstate the UK’s position as a leader in maritime and provide an opportunity for businesses to build trading ties with important partners around the world.