The CBI has urged the Government to develop an industrial strategy to boost exports, in fast-growing emerging markets.
Following official trade figures, which showed a small rise in goods exports in September, the CBI highlighted the potential for £30 billion worth of export opportunities by 2020. It is urging the Government to play to the UK’s strengths by focusing on ‘champion sectors’.
Katja Hall, CBI chief policy director, said: “Official data has shown that more firms are dipping their toes into emerging markets but there is scope to make even bigger inroads.
“We are not talking about picking winners but tilting the playing field towards sectors where we have a real edge, including the creative industries and automotives.
“It is critical the Government develops a coherent industrial strategy which could deliver a £30 billion export boost by 2020.”
The CBI is calling for the Government to adopt a joined-up approach to industrial strategy, with sector-specific action plans to maximise growth in key sectors and ensure the UK does not fall behind international rivals. Among the potential high-growth sectors identified are: automotive, aerospace, chemicals and pharmaceuticals, agri-food, green technology and services, creative industries and knowledge-intensive business services.
Earlier this month, the CBI published detailed proposals to boost UK exports in Playing our strongest hand: Maximising the UK’s industrial opportunities.
The report identifies the size of the prize in each sector, along with indicative tailored actions plans.
Mike Wright of Jaguar Land Rover, commented: “If the UK plays to its strengths, setting the right conditions and developing the right skills for industry, we can thrive long into the future.”
