Business Minister Edwina Hart has approved approximately £500,000 funding for the 2012/13 programme that will help approximately 90 Wales based businesses seek trade opportunities and new business overseas.
The programme kicks off on Monday June 18 with five Wales based companies joining the UKTI delegation and participating in the Bio International Convention, Boston, USA - the largest global event for the biotechnology industry.
It attracts the biggest names in biotech, offers key networking and partnering opportunities, and provides insights and inspiration on the major trends affecting the industry. The Wales delegation includes Biomonde, Biocatalysts, Biotec Services International, Ruskinn, Simbec Research and Q Chip.
Mrs Hart said:
"The Welsh Government is committed to supporting business growth and job creation and I am pleased to announce our support for this international trade programme.
"Life Sciences are one of our key sectors with high growth potential and this new trade programme will support companies actively looking to expand internationally.
"It will enable companies to participate in some of the largest trade events and exhibitions in the world in key strategic overseas markets, promoting their goods and services whilst highlighting the sector expertise within Wales.
"Wales has particular strengths in medical devices, pharmaceutical services as well as emerging areas such as e-health and regenerative medicine. The trade events have been chosen to offer the greatest opportunity for these sub sectors."
Increasing international trade and exports is a key focus of the Life Sciences Sector panel in order to grow businesses and increase the competitiveness of companies in Wales.
The Welsh Government’s Life Sciences sector team will work closely with MediWales, Association of British Health Industry, UKTI and all other interested organisations to maximise the impact of each event.
The programme is expected to generate more than 60 new inward investment contacts, result in c £10million of new trade deals for participating Welsh companies and provide an opportunity for Welsh companies to build relationships with distributors and existing customers to nurture future sales opportunities.