The UK has launched a new ‘Tech for Growth’ programme aimed at supporting the growth of trading relationships between the UK and emerging economies.
The programme is set to begin in Africa where technology will be used to improve access to financial services. It’s anticipated that the programme will also be implemented across South East Asia and Latin America in future years.
In its first year the programme will aim to expand the access of African communities to financial services, it will also look to deliver an expansion of the FinTech trade by identifying commercial opportunities and managing the barriers to the trade in Africa. Additionally the programme will seek to collaborate with governments and regulators in the region with the aim of improving trade partnerships between the UK and Africa.
The programme comes as the UK recognises the vital role that technology will play in the global post-pandemic recovery. The country is uniquely positioned to push tech innovation in emerging countries because it is home to the headquarters of some of the biggest tech companies in the world.
The ‘Tech For Growth’ programme will involve a research programme which will investigate the barriers to trade and will aim to find opportunities to improve technology to enhance trade relationships. Private and public partners to the programme will help to address the barriers and underlying issues that limit trade between the UK and Africa.
‘Tech For Growth’ recognises the important role that emerging markets will play in the growth of the UK’s economy in future decades – it’s expected that emerging markets will be the key source of growth for the UK imports and export markets in future decades. Removing the trade barriers in emerging nations will help the UK to remain as one of the top ten major global economies.