Vince Cable leads trade mission to Russia in bid to boost World Cup trade links

Business Secretary Vince Cable is today launching the biggest ever trade mission to Russia, as part of a government drive to boost trade between the two countries as well as increase the number of UK firms exporting goods and services around the world.

Mr Cable is being accompanied by over 30 British companies amid fast-growing economic links between the two countries and ahead of the World Cup in Russia in 2018.

Many of the firms in the delegation won contracts during the London 2012 Olympic Games, such as Populus, Snoozebox, Turner and Townsend, and Wembley Stadium Consultancy. They will now be hoping to replicate their success with contract wins for the Russian World Cup in five years time.

Between 2009 and 2012, exports of goods and services to Russia grew by over 75% from £4.3 billion to £7.6 billion.

Mr Cable said: "British small and medium sized businesses (SMEs) are the lifeblood of our economy.

"Many are doing incredible things and selling their services and products abroad, but too many do not realise their global potential."

The visit is part of the biggest ever Export Week, with 5,000 businesses expected to take part in events across the country.

The Government is aiming to raise the number of UK firms that export from a fifth to a quarter.

Mr Cable said: "This campaign will help us reach the many businesses across the country that are ready to export and grow but have yet to take the plunge."

As part of the trip Mr Cable will announce a new $50 million fund to help small businesses export to Russia and a new investment operation by the UKTI to encourage an investor pipeline from Russia to the UK.