Over the past six months, Scottish businesses have secured £42 million in export finance deals, enabling them to reach international markets and contribute to economic growth.
Driving Scotland’s export success
Boosting exports is a key component of the UK Government’s Plan for Change, aimed at strengthening the economy. Companies across various sectors, including food and drink and offshore wind, are benefiting from credit guarantees and insurance provided by UK Export Finance (UKEF).
Iconic Scottish exporters such as Ferguson Whisky and fire and rescue vehicle manufacturer Emergency One have been able to expand their global reach. Emergency One, for instance, has secured a contract with the Iraqi government to supply fire engines, demonstrating Scotland’s growing role in international trade.
Supporting the energy transition
The latest business to receive UKEF backing is Aberdeen-based First Tech, a key player in offshore services. Scotland’s marine economy contributed £4.9 billion in 2022, and firms like First Tech are leading the transition to renewable energy.
UKEF, in partnership with Virgin Money, has renewed a £12 million support package for First Tech subsidiary First Subsea, facilitating its growth in offshore wind. This funding enables the company to export UK-made products like cable protection systems, bend restrictors, and heavy lift connectors to global markets.
First Tech Ltd Chairman Martin Suttie emphasized the importance of floating wind technology in the energy transition, stating:
“First Tech is very proud to be at the forefront of the energy transition story with our continued expertise in oil and gas being a launchpad to make meaningful developments in both the fixed and floating offshore wind market through First Subsea and also First Marine Solutions.
Floating wind technology enables almost every country in the world to integrate floating wind renewable energy into their energy mix. It is therefore vitally important that the industry continues to develop and prove large scale commercial developments if we are going to genuinely change the energy mix around the globe. The First Tech Group is excited to play an important part in making this transition happen.”
“Floating wind enables almost every country to integrate renewable energy into their mix. Large-scale commercial developments are crucial to real change, and we’re proud to play a role in this transition.”
Encouraging Scottish businesses to export
Minister for Trade Policy Douglas Alexander said:
“Growing the economy is a key part of this UK Government’s Plan for Change, and we recognise the importance of boosting Scottish exports in achieving this.
“We’re working hard to ensure that Scottish businesses have the support they need to sell to the world and grow, and the help that UK Export Finance provides is a crucial part of this.”
Expanding Scotland’s global reach
UKEF plays a vital role in overcoming financial barriers to exporting by offering credit guarantees and insurance to businesses. This initiative aligns with other government-backed trade support services such as the Export Support Service, UK Export Academy, and British Business Bank, helping businesses access essential financing.
In 2021, Scotland’s exports totaled £50.1 billion, with goods making up £33.5 billion. As Scottish firms continue to expand internationally, the government remains committed to fostering export-driven growth. Photo by Diliff, Wikimedia commons.