UK AND ALBANIA OUTLINE £4 BILLION AMBITION FOR CLOSER EXPORT TIES

The Chief Executive of UK Export Finance (UKEF), Tim Reid, met with the Albanian Prime Minster, Edi Rama and Finance Minister, Delina Ibrahimaj, to cement their £4 billion ambition for a closer UK-Albania export relationship. This £4 billion marks a doubling of the previously published market risk appetite for UKEF support for Albania and signals the huge opportunity available for UK exporters.

Total UK exports to Albania reached £144 million in the 12 months to September 2022, an increase of £97 million in current prices on the previous year. The visit will build on this growing trade relationship and result in an agreement to work more closely.

Tim Reid, CEO of UK Export Finance will say:

There is significant opportunity here for UK businesses. The volume of trade with Albania is increasing dramatically, showing the huge appetite for British exports. With UKEF support more companies can reap the rewards of exporting.

We also welcome the recent launch of the British Chamber of Commerce in Albania. This new organisation will help connect British and Albanian businesses.

Our closer relationship with Albania will unlock a new phase of collaboration in sectors such as renewable energy, healthcare, and transport. Last year we celebrated our 100th year of trade relations, I’m looking forward to continuing our work with Albania and strengthening our great exporting relationship.

Deals made between the two countries would help grow the UK economy, support job creation and help deliver the government’s wider levelling up agenda. A £4 billion ambition would mean a minimum £800 million value to British businesses. This is because Albanian buyers would be required to source from the UK supply chain under the conditions of UKEF’s finance.

Delina Ibrahimaj, the Albanian Finance Minister, will say: Albania has a pipeline of key infrastructure projects that need overseas investment. This agreement to work more closely with the UK should send a signal to British business that Albania has markets ready for your products and UKEF can support you in your export ambitions. topics; and nurture business opportunities for its members. UK IN SoCal also offers a network of mentors and advisors across a range of industries to counsel UK companies new to investing in the greater Los Angeles region. The network includes respected industry leaders like Pearson CEO Andy Bird, as well as services firms that specialise in international expansions, like Wilson Sonsini Goodrich & Rosati, HSBC and RSM. UK IN SoCal will provide access to special offers and introductions to service partners and local entities, such as governments and Chambers of Commerce, who are eager to work with UK companies to create more jobs and support further investment in the greater Los Angeles region. UK IN SoCal is partnering with global flexible workspace provider WeWork for a special offer to members.

UKEF has an International Export Finance Executive based in the Western Balkans who works alongside other government teams in these countries as well as covering Central and Eastern Europe.

The IEFE’s work closely with the overseas buyers to showcase the UK supply chain. They are on hand all over the world to discuss financing options available from UKEF to support the exports of UK goods and/or services.

An example of UKEF support in the Eastern European region includes a £360 million guaranteed loan for the construction of a 5Gready motorway in Serbia. The UKEF support for this motorway project, announced in October 2021, is creating value worth approximately £125 million to the UK economy.

“The US is the UK’s top destination in the world for outward investment, creating a positive impact for both countries” ac- cording to Emma Wade-Smith, His Majesty’s Trade Commissioner for North America. “It’s great to see the importance of this investment flow – including in sustaining thousands of jobs in Southern California – corroborated in the latest report. Existing British investors in Southern California have a wealth of experience navigating the differences in business environments, between the UK and California.

The creation of the UK IN SoCal network taps into this as an important way to help newcomers succeed in the greater Los Angeles region and will be a valuable addition to the wider support that the UK Government offers to our companies.”

Emily Cloke, HM Consul General, Los Angeles: “By creating UK IN SoCal, we want to build on the UK’s position as the 2nd largest foreign direct investor in California and help bring more UK companies to this wonderful region. UK IN SoCal will enable companies to share expertise and learn from each other, helping those new to California succeed and strengthening the ties that bind our people together”.

Andy Bird, CEO, Pearson (business mentor): “Southern California is an amazing and dynamic region to live, work and invest. SoCal’s diversity and scale is a real benefit, but it can be hard to “navigate”, both personally and professionally, when you first arrive. I’m delighted to have been asked to act as a mentor for UK IN SoCal to help others follow the same journey I started two decades ago.”

WeWork: “WeWork is thrilled to partner with the British Consulate to support the business growth of UK companies in Southern California,” said Elton Kwok, Territory Vice President at WeWork. “Our fully furnished, move-in ready workspaces provide turnkey solutions for companies entering the US market, and we’re excited to help UK IN SoCal members come together to do their best work.”