The Welsh government’s minister for the economy, Vaughan Gething, will tonight (2 February) welcome the establishment of a new Welsh branch of the Institute of Export & International Trade (IOE&IT) as “good news for Welsh businesses”.
IOE&IT Cymru is being launched at an event at the Welsh parliament, the Senedd, which will also include speeches from the UK government’s Welsh minister David TC Davies, the IOE&IT’s director general Marco Forgione and its chairman Terry Scuoler.
“We are eager to champion the products and materials of Wales to the world and support businesses all over Wales to have the confidence and mechanisms needed to export with boldness,” Forgione will say.
Four steps
Gething will also say that the IOE&IT has long been a key part of an “export ecosystem” providing businesses with accessible advice and support, helping the Welsh government to implement its Export Action Plan.
He will say that there are four key steps to getting Welsh businesses to export: inspiring businesses to trade overseas, building capability to do so, helping firms to find customers and getting goods to market.
He will also say that, in coordination with the IOE&IT, the Welsh government will continue to represent the priorities of Welsh businesses when working closely with UK government on trade policy and trade deal negotiation priorities.
Welsh office
Forgione will say that the IOE&IT will open a new office in Wales as well as a new “centre for excellence in international trade” in the country. He says this will build on the “great momentum” the IOE&IT has generated by “speaking regularly to our members in Wales, including the Welsh government”.
“Our Wales lead, Paul Brooks, is deeply committed to developing the presence of the IOE&IT in Wales and we are pleased to announce that we plan to open an office in South Wales in the first half of 2023 and establish a ‘centre of excellence for international trade” in Wales,” he will say. “We also have plans for a permanent North Wales presence and are excited to already have four brilliant staff based in Wales, with many more to follow!”
Young traders
IOE&IT chairman Terry Scuoler will say that IOE&IT will look to build on the training and qualifications it already delivers in Wales through its new charitable foundation and apprenticeships.
The IOE Foundation, launched last year in collaboration with Young Enterprise, aims to raise awareness of international trade in secondary schools.
“It is vital that we convey international trade as a successful and rewarding career from as early as secondary school,” he will say.
Welsh leading the way
Forgione will also say that the rest of the UK could learn from the Welsh when it comes to boosting exports.
In the 12 months leading up to the end of September 2022, Wales exported £19.4bn of goods to markets across the world, representing a 36.6% increase on the previous 12-month period.
“There are surely lessons that other nations around the UK can learn from Wales’s success and seek to emulate,” he will say.
Five key areas of support
Ahead of the launch, the IOE&IT’s lead in Wales, Paul Brooks, told the IOE&IT Daily Update that the new division will have five key priorities:
“I’m really excited for the launch of IOE&IT Cymru tonight and believe IOE&IT has a lot to offer Welsh businesses.
“As part of our mission to support Welsh exporters, we have set five priorities:
- To continue to represent our Welsh members in our ongoing dialogue with Welsh Government on its Trade Policy Advisory Group and through the Wales Business Council
- To establish a new ‘centre of excellence in international trade’
- To continue to employ staff dedicated to supporting Welsh trade
- To build capacity and trade skills in Wales through training and education
- To open a new office in South Wales this year”
