Business minister Mark Prisk has launched a new scheme to support Britain’s marine and maritime industries, aimed at boosting exports and the domestic renewable energy sector.
Speaking at the launch at Southampton University, Mr Prisk stated that the UK has a exceptional base to build on, with a number of people with world-class expertise and knowledge, Mark Prisk argued that the maritime industry had huge potential to become a ‘high-value, high skilled’ sector.
The Government claimed that if the growth strategy was properly implemented, it could generate a marine industry worth between £8bn and £25bn by 2020.
As well as backing growth in the maritime and ship-building economy, the scheme is expected to generate growth in exports to growing economies such as India, China and Brazil, grow the domestic offshore renewable energy industry and increase links with UK universities in order to continue producing world class research and investment. The scheme is also aimed at increasing cooperation across the marine industries.
The UK is the fourth largest shipbuilder in Europe in terms of gross value added, and the third largest in boat-building. With yacht building companies such as Sunseeker (turnover of over £300m, employing over 2,200 people) and Fairline (turnover of over £100m, employing over 1200 people), attending the PSP Southampton Boat Show, it is clear that the UK has much to gain from promoting the industry, especially with promoting exports.