Bill Esterson
Main Page: Bill Esterson (Labour - Sefton Central)
Vince Cable
My hon. Friend analyses the problem correctly: we have to make a major effort in big emerging markets, which we have neglected in the past. We have identified 20. I have been to the majority of them, leading trade missions, as have my colleagues. With reference to raising awareness, for example, in May, a few weeks ago, we had 80 events across the country identifying 3,600 businesses with interests in emerging markets, and there is a greatly increased tempo of activity in the field through the establishment of chambers.
Bill Esterson (Sefton Central) (Lab)
What has the Secretary of State learnt from the experience in Germany, where the state-backed investment bank makes export finance one of its priorities and one of its objectives? Does he think there are lessons there for this country that could improve access to export finance to address the problem that he has just set out?
Vince Cable
The Germans do indeed have a very good system of export support and trade finance. They do many of these things well. Partly in response to that, in the earlier period of this Government I introduced a new range of short-term trade finance products that we had not had before. They are now picking up a substantial amount of interest, and in the Budget the Chancellor announced £1.5 billion for medium-term—three to five-year—export credit guarantees, which are now being implemented.