Minister for Exports 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 around the world.
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
Notes to editors:
- Government to Government (G2G) agreements are formal
arrangements under which we agree to provide another government
with access to UK expertise for specific projects or programmes
that create commercial benefits.
- UK-LatAC (Latin America and the Caribbean HMTC region) trade
was £45.3 billion in the 12 months to September 2023 in current
prices.
- UK-Dominican Republic bilateral trade was £485 million in the
12 months to September 2023 in current prices.
- UK-Colombia bilateral trade was £1.7 billion in the 12 months
to September 2023 in current prices.
- UK-Bolivia bilateral trade was £53 million in the 12 months
to September 2023 in current prices.
- Projections for 2035 are taken from DBT's Global
Trade Outlook 2023.
