Design Led Export Opportunities
At the end of February Nova`s Managing Director Jonathan Buchanan attended the “UK Trade and Investment – Design Led Export Opportunities” briefing in London.
Nova Interiors are looking to capitalise on the recent global economic upturn and strong 3rd quarter performance in the domestic market with an exploration into overseas markets.
With an increasing demand for British products in Asian markets and large development projects in the Middle East and South America, the opportunities for UK exports have never been more apparent.
The UK furnishing products market is currently worth £10bn per year (1.7% UK GDP) with £1bn made up of exports. However, the UK imports £4.5bn worth of furnishing products, a deficit which the industry and UKTI are keen to address.
The UKTI are working in collaboration with the BFC who are a trade association and a member of the European furniture manufacturers association. The board is made up of leading industry professionals who work closely with the government on behalf of the UK furniture industry. The board includes leading associations such as the BCFA, BFM, FIRA, LOFA and NBF. The BFC aim to secure the long term future and prosperity of the British furniture industry. Encouraging exports and maximising the market in the UK whilst improving skills and maintaining safety and quality standards. They are working closely with the UKTI to provide manufacturers, commercial interior designers and architects with the opportunity to get support and intelligence from industry experts.
The High Value Opportunities (HVO) Programme is a major UKTI trade incentive that supports UK businesses of any size to access large scale overseas procurement projects that offer British companies big contract opportunities.
The HVO programme targets 100 projects worldwide over a broad range of markets and sectors each over £500 million in budget value. Through the programme, UKTI offer early intelligence on opportunities, long term support from industry specialists, help in facilitating partnerships and relationships, access to wider Government support and help with issues accessing markets.
Support for SME`s who are looking to export their products and services is now readily available and easily accessible. With trade associations, in particular the BCFA, and the Government working closely together, furniture suppliers such as Nova can leverage off their resources to find the right route to market. This is an opportunity Nova Interiors intends to take advantage of.