Vince Cable: Family-run North East Firm Blazes Trail in UK’s Strategic Partnership with Brazil

Secretary of State for Business Dr Vince Cable has hailed the example set by a family-run firm from the North East, as he prepares for his mission to build closer business ties between the UK and Brazil - tipped to become the world’s fourth largest economy by 2050.

The visit, which begins on Tuesday, is the second to enact the Coalition Government’s pledge to build relationships with key partners for the twenty first century. It follows the Prime Minister David Cameron’s successful delegation to India in July.

Speaking today ahead of the visit, Dr Cable said:

“Brazil is the world’s eighth largest economy, accounting for over half of South America’s total GDP. I am encouraged to see that UK goods exports to Brazil have more than doubled since 2004 to reach £1.7 billion in 2009, in spite of the downturn.

“As a high-growth market, Brazil offers a wealth of opportunities for exporters in the North East of England, who last year accounted for £147 million of our goods exports to Brazil.

“But it is clear to me that there is great untapped potential in our business relationship. Wessington Cryogenics, in Houghton, is one of the companies that is showing the way.”

Wessington Cryogenics is a family-run business which manufactures specialist gas storage tanks. Director Gill Southern, with her father and brother Eddie and Paul Rowe, has guided the 26-year-old business carefully through the recession with a steady £10 million turnover.

UK Trade & Investment (UKTI) has helped the company to focus on research and develop its business as new oil fields come on stream in Brazil, Venezuela and Uruguay.

Based on recommendations from UKTI, Gill and sales manager Martin Woodhouse have just returned from a comprehensive market visit taking in all of the major oil producing areas and meeting organisations selected by the UKTI experts.

Gill said:

“We were pleased that the meetings held were very positive, some of which certainly opened doors to a number of interesting opportunities which could help us to develop the market in Brazil.

“With £540,000 worth of orders for Brazil already in the bag, we’re excited by the future prospects open to us.

“The UKTI team at the embassy in Brazil has been very supportive and worked very closely with us over the last few months, researching opportunities for us to meet companies in Brazil who might be prospective clients or partners to support sales or manufacturing.”

Wessington Cryogenics exports more than 80 per cent of its products worldwide and customers include the Ministry of Defence, NASA and the European Organisation for Nuclear Research - CERN.

On his visit, Dr Cable will engage with business leaders and government representatives over four days in Sao Paulo, Brasilia and Rio de Janeiro. With his Brazilian counterpart, Miguel Jorge, he will work to build closer ties between the countries, co-chairing the annual Joint Economic and Trade Committee (JETCO) together.

Dr Cable will also explore the potential for partnership across a range of key areas, from developing the world-leading expertise that can deliver a successful Olympic Games in London 2012 and Rio 2016, to encouraging industrial cooperation in sectors such as science, defence and security, energy and advanced engineering.

Brazil Factfile

• The last 3 years have seen a 500% increase in the number of British companies coming to UK Trade & Investment for help with the Brazilian market.

• Brazil is the fifth largest country in the world - bigger than the entire European continent.

• Brazil is larger than the continental US and Australia and borders every South Amercia nation except Chile and Ecuador.

• Brazil is the 3rd largest producer of space satellites.

• Brazil is the world leader in bio-ethanol production. More than three-quarters of the automobiles sold in Brazil have flex-fuel engines, capable of running on petrol, ethanol, or a mixture of the two.

• Brazil has the best science base outside the G8.

• 400 of the world's 500 biggest companies operate in Brazil.

• Of the 500 largest corporations of Latin America, 300 are Brazilian.

• Brazil is the world's fifth biggest consumer market.