UKEF launches enhanced overseas investment insurance product to protect UK businesses investing abroad

LONDON, 18 September 2017 /PRNewswire Policy/ --

Secretary of State for International Trade Liam Fox has announced that UKEF is offering UK businesses wider access to government-backed insurance to protect UK businesses investing abroad.

The enhanced support comes as the Department for International Trade looks to encourage more UK companies to invest overseas, realising the opportunities presented by fast-growing developing economies around the world.

UKEF's overseas investment insurance provides UK companies investing abroad with protection against losses, primarily related to political or extraneous events. This new policy will widen the scope of the risks against which the government can insure these investors.

It has been designed to offer cover where there is a commercial demand but the private sector doesn't have the capacity, such as markets which may have complex legal or political contexts, or in which difficulties may arise over transferring local-currency earnings.

Secretary of State for International Trade Liam Fox said:

"Overseas direct investment can be a vital way for UK businesses to grow their revenues and enter new markets, building a strong domestic economy as well as helping to share prosperity and build strong bilateral relationships around the world. As an international economic department, the Department for International Trade is supporting UK companies to fully realise the benefits of the global marketplace with this new overseas investment insurance product from UK Export Finance."

James Bamford, Chairman of the Lloyd's Market Association Political Risks, Credit and Financial Contingencies Business Panel, commented:

"UKEF's overseas investment insurance is now a market-leading product and will greatly enhance the support the private sector can provide. Together, we can offer greater assurance to UK investors and help them fulfil their international ambitions by focusing on advantageous commercial opportunities rather than political complications."

SOURCE UK Export Finance