£42 million of export finance deals brokered with Scottish businesses over the last six months
- £42 million of export finance deals brokered with Scottish businesses since July
- Boosting Scottish exports plays a vital role in growing the economy, a key part of the Plan for Change
- Companies from a range of sectors including food and drink and offshore wind are benefitting from credit guarantees and insurance
Businesses behind Scotland’s most emblematic exports have been able to grow thanks to £42 million in UK Export Finance (UKEF) deals brokered so far since the summer.
Enabling companies such as Ferguson Whisky and manufacturer of fire and rescue vehicles Emergency One, which the government of Iraq has contracted to replace some of its fleet of fire engines, to expand to markets abroad helps to grow the economy and create jobs, delivering on the Plan for Change.
The latest Scottish business to benefit from support is Aberdeen-based First Tech – one of many offshore services firms in Scotland driving the energy transition and making the country a world-renowned centre of engineering skills. Scotland’s marine economy generated around £4.9 billion in 2022.
UKEF is renewing a £12 million support package delivered with Virgin Money for First Tech subsidiary First Subsea, allowing it to continue its growth into the offshore wind market and provide UK-made products like cable protections systems, bend restrictor products or heavy lift connectors, across the globe.
Minister Douglas Alexander will join UKEF representatives today at the ‘Made in Scotland’ roadshow, where he will encourage Scottish businesses to take advantage of the opportunities to sell abroad and hear first-hand about the support UKEF has provided.
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.”
Martin Suttie, First Tech Ltd Chairman said: “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.”
UKEF is the UK government’s export credit agency, providing credit guarantees and insurance helping smaller businesses to overcome financial barriers to exporting.
Export credit is an integral part of the government trade support being promoted at the first ‘Made in Scotland, Sold to the World’ trade fair of 2025.
In 2021, Scotland’s exports were worth £50.1 billion, of which the majority – £33.5 billion – were goods.
UKEF’s specialised trade finance offer sits alongside other sources of support from public organisations like the Export Support Service, UK Export Academy and British Business Bank, which can offer more general access to finance.
