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Memorandum of Understanding Extended

Memorandum of Understanding Extended

29 March 2006 – New Zealand Trade and Enterprise (NZTE) and United Kingdom Trade and Investment (UKTI) today agreed to extend a Memorandum of Understanding (MoU) that will see more New Zealand companies given help to access the United Kingdom.

The initial MoU between the two economic development agencies, signed in June 2004, was aimed at helping New Zealand technology companies set up in the United Kingdom and to support NZTE’s UK Beachhead.

“This agreement enables both agencies to widen the scope of the original MoU to include companies in the biotechnology, creative industries and specialised manufacturing sectors,” said NZTE Chief Executive Tim Gibson.

“Some of our most innovative and creative companies view the UK market as essential for their continued growth and expansion. This agreement paves the way for them to access UKTI’s inward investment and trade services.”

The United Kingdom is New Zealand’s fifth largest export market, taking approximately $1.3billion worth of New Zealand exports. Many New Zealand companies use the UK as a base for expanding operations into Europe.

“I am delighted that our MoU with New Zealand Trade and Enterprise has proved so successful and that we are now extending its remit. New Zealand has a wealth of innovative companies and we warmly welcome them to the United Kingdom as an excellent place to grow their international business,” said UKTI Chief Executive, Inward Investment Group Steve O’Leary.

Approximately 3,400 New Zealand companies do business with the UK, including NZTE UK beachhead participant Metra Information Ltd (MetService’s international subsidiary) which landed a high profile contract with the BBC, and following that success, won another television station in the region - Irish television station TG4. .

"UKTI provided a great service - information on setting up in the UK, banking issues, initiating contact with UK-based people. Its network of contacts has proven to be very useful. We continue to work with UKTI and the Regional Development Agencies it introduced us to - they are an excellent source of information and ideas,” says Metra’s Chief, Paul Linton.

The range of services New Zealand companies can access via UKTI include advice on visas and work permits, finding premises, accommodation, access to UKTI’s trade promotion services, linking New Zealand companies with the network of UK regional economic development agencies, industry and networking organisations.

ENDS

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