Despite the last World Cup just passing, British companies are already gearing up to play a major role in the delivery of the 2022 FIFA World Cup hosted in Qatar, meaning big business for UK exports.
Many British manufacturing companies are expected to capitalise on the tournament, by utilising their expertise in design, development, architecture and well-connected supply chains to gain contracts.
UK-based companies have already secured £940m in Qatar World Cup-related exports, and the Department for International Trade aims for at least a further £500m before the competition kicks-off in 2022.
Partnership opportunities for British business at the 2022 World Cup are numerous, as trade continues to rise between the two countries, this totalled £3.39bn in 2017, an increase of 70% over the past five years, according to the government.
UK business has a long track record of delivering the world’s biggest sporting events. At Brazil’s 2014 World Cup, the stadium seats were provided by UK firm Blue Cube. At the Rio Games, British company ES Global provided the decks on which triathletes changed disciplines, whilst PKL provided temporary kitchens to feed the athletes, staff and fans.
Certainly, the World Cup could help build on the wider relationship between the UK and Qatar, as well as helping to strengthen the country’s infrastructure and operations.
The announcement of these deals comes just before the government reported that the number of businesses exporting goods in the UK has increased to 110,000, a rise of 1.5% from the same quarter last year. It noted that businesses were also taking advantage of global interest, as the number exporting to non-EU countries in the latest quarter rose to 49,000.
The Export Strategy?
Launched in August, the Export Strategy sets out how the government will support businesses of all sizes to make the most of the opportunities presented by markets around the world.
The strategy puts forward a new ambition from government to increase exports as a proportion of UK GDP to 35% from 30%. Proposed by International Trade Secretary, Liam Fox, it aims to make Britain an exporting “superpower”.
This latest strategy focuses on exports, and aligns to the industrial strategy, it looks to improve and support manufacturers and businesses. When Britain leaves the EU next March, international trade will be vital. But will this strategy be able to improve UK trade and even manufacturers’ financial stability at such a crucial time?