EEDA - East of England Development Agency

Trade and Investment Minister investigates Cambridge’s formula for export success

22 January 2009

Mervyn Davies, appointed last week as the Minister for Trade and Investment, visited Cambridge today to see at first hand the UK region with the fastest growing number of exporting firms.

In his first visit outside of London since his appointment, Minister Mervyn Davies said:

“In the city where the DNA helix was discovered, Cambridge has found the formula for export success.

“Innovation is the key. Here in this city, home to an 800-year-old university associated with more Nobel prize winners than any other, scientists are devising electronics that sell worldwide, and using their research genius to attract investors from abroad.”

Figures released by HM Revenue & Customs show that 51,091 companies were exporting from the UK in the third quarter of 2008, a rise of 2.5 per cent from the same period the year before. The East of England saw the largest rise of any region over this period. There was an increase of 5.7 per cent with 5,664 companies now exporting from the region.

In Cambridge, the Minister visited TTP, a company that develops technology such as broadcast multimedia smartphones. TTP was helped by UK Trade & Investment (UKTI) using a range of services, notably the Overseas Market introduction Service (OMIS), to support their exports to countries including Japan.

He also visited Philips, the Netherlands company that has invested in Cambridge to take advantage of its world-leading R&D capacity.

The Minister said:

“The East of England is a prime example of partnership. Today, I’ve seen businesses, academia, Government and the regional authority working together to bring prosperity to this region. I commend the East of England Development Agency for its important work.”

East of England Development Agency (EEDA) Chief Executive Deborah Cadman welcomed the Minister to Cambridge, noting the region’s closeness to the capital and its “very strong national and international trade links”.

“Currently, the number of exporting companies situated in the East of England is growing at a faster rate than in any other English region. Additionally, the contribution of overseas-owned facilities in the East of England, home to over 2,000 inward investors, is vital to the success of the region's economy.”

UKTI and EEDA will continue to support companies looking to export. Companies seeking advice regarding exports should visit www.uktradeinvest.gov.uk. For general business advice, visit EEDA’s Business Map www.bizmapeast.co.uk.

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