Proving the success of the UK superyacht industry was high on Government’s agenda, the UK Trade Minister Mark Garnier meet with Superyacht UK members at Monaco Yacht Show in late September.
He did so at the invitation of British Marine and its association Superyacht UK that represents over 250 members and 70% of the total UK industry operating in the design, build, supply chain and service provision of yachts over 24 metres in length.
The visit to Monaco was a further demonstration of the strong interest the International Trade Minister has shown in the marine industry in the recent past. Last November, the Minister led a British Marine organised roundtable event enabling key industry leaders to meet with Government to discuss post-Brexit opportunities and the support the industry needs to ensure a smooth transition. He then attended the London Boat Show in January to follow up on this activity and continue discussions with member companies.
The UK’s superyacht industry, which employs 4,244 FTE, posted its fifth consecutive year of growth and the highest ever revenue at £615m. Contributing £450m to the UK economy last year, exports grew in the sector at their fastest rate for seven years, with increasing demand from outside of the EU. Some 90 UK companies are exhibiting at the global superyacht show which runs from 27-30 September 2017.
In a further boost for the industry, the Department for International Trade (DIT) has arranged for 10 UK companies to attend the Show and push their products to international clients and buyers. The trade mission will allow them to grow their export potential for their luxury goods and services, helping the UK’s superyacht serve and support businesses to continue as world leaders.
The visit enabled British Marine and Superyacht UK members to demonstrate to the Minister some of the issues facing the sector’s continued success, ensuring the minister now has the necessary understanding to go away and explore opportunities for future support.
Speaking after the visit, International Trade Minister Mark Garnier said: “At the Monaco Yacht Show last week, UK businesses were sailing ahead with their world – renowned skills and expertise. We’re a global player in the marine engineering and manufacturing sector and provide boats for some of the biggest clients in the world.
He added, “As an international economic department, we are supporting this sector by helping new and existing exporters realise their global potential through tailored trade missions and a team of International Trade Advisors.”