Minister for Exports Lord Offord has kicked off a visit to the Dominican Republic, Colombia and Bolivia to meet counterparts and fly the flag for British businesses looking to sell their products in markets round the world.
Lord Offord has signed a Government-to-Government agreement with the President of the Dominican Republic that will open access to a pipeline of infrastructure projects worth over £2 billion and strengthen trade ties between the two countries, helping to grow the UK economy.
The agreement marks the start of a new strategic partnership between the UK and the Dominican Republic. Together, the UK government and leading British businesses will work to deliver priority infrastructure projects across the water, healthcare, energy and transport sectors, helping to grow exports and drive economic growth.
Minister for Exports Lord Offord said:
Latin America presents incredible opportunities for British businesses, and I’m delighted to visit the region and meet with my counterparts and businesses to make it easier for UK businesses to sell their products overseas.
We’re backing British businesses to sell internationally by knocking down trade barriers and signing new trade deals as we work towards the UK being an export-led economy and reach a trillion pounds of exports a year by 2030.
The UK resolved around £1.3 billion worth of trade barriers that were preventing UK businesses from exporting their goods and services to the Latin America and the Caribbean region in the financial year ending March 2023 – meaning some of the UK’s most innovative companies can now trade more freely abroad.
In 2022, the region represented more than 8% of the global population and its economy was estimated at £4.7 trillion. It is projected to rise to £7.1 trillion in 2035, contributing to more than 5% of global GDP. It poses an exciting opportunity for UK businesses to build on our £45 billion trading relationship as its economies continue to open up and grow.
While the Minister is in Colombia, he will also sign a letter of intent, paving the way for a Memorandum of Understanding with the National Institute for Drug and Food Surveillance (INVIMA), helping to open opportunities for British Healthcare and Pharma companies worth at least £10 million in the next 3 years.
This follows work by the department to support regulation for new pharmaceutical products from British companies entering the Colombian market and will help the country access essential products such as medicines and medical devices.
In the final leg of his visit, Lord Offord will launch the British Bolivian Chamber of Commerce in Santa Cruz, an independent network that helps businesses to connect, succeed and grow. This is a major milestone in the coming together of Bolivian and British businesses, helping to increase the UK’s footprint in Bolivia, and support trade between both countries.
Lord Offord will also witness the signing of a contract to supply 3000 British solar panels to local company BFC for the construction of the biggest private sector led solar farm in Bolivia, through UKSol´s local partner, Bolpegas.
The UK is committed to promoting clean growth technologies in all sectors, and the Minister’s visit will help build on recent successes in the lithium, renewable energy, low carbon and green hydrogen sectors in Colombia.
Andrew Moore, CEO & Founder of UKSol:
UKSOL is very proud to supply solar modules to this project and proud of our partnership with our exclusive distributors in Bolivia, Bolpegas. This project will help spread the word about the benefits of solar energy in the region and we are looking forward seeing the benefits of our constructive partnership.
ENDS
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