Pictured: UKTI Regional Director Peter Hogarth

The leading export expert for the East Midlands, Peter Hogarth, has called on small and medium firms (SMEs) across the East Midlands to make 2012 the year for exporting - and to get their applications in for a chance to win a top prize of over £5,000 worth of support for their business, as the deadline is extended to 31 January.

The competition aims to encourage more businesses to export by offering a comprehensive package of support to the company with the best new export idea.

The overall East Midlands winner will receive UK Trade & Investment (UKTI) support worth £5,000 and three grants for overseas travel to their target markets, plus expert business knowledge and insight from sponsor companies HSBC and PwC.

SMEs now have until Friday 31 January to submit their entry.  At the end of March shortlisted companies will be invited to present their big export idea to a live audience of business leaders and a judging panel who will then select the winning idea.

UKTI Regional Director Peter Hogarth said:

"The East Midlands future prosperity will not come from domestic markets alone. Across the world there are markets that are showing strong, long-term growth. We want to make sure that local firms are not just trading abroad but thriving there.

"I am determined to drive up exports in 2012 and the number of exporters in the region as it's the only way for the economy to grow.  Export figures are already on target to equal their highest level this century at £17bn for goods plus another £1bn in services, but 2012 figures can be even better.

"The recent survey from accountants RSM Tenon backs the fact that there is the appetite to export, with 60 per cent of East Midlands entrepreneurs planning to start exporting this year.

"There is demand all around the world for products and services from the East Midlands but too many of our smaller firms are missing out on these opportunities, and UKTI have the expert staff and the relevant support packages to help them take the first step.  All they have to do is pick up the phone and ask to speak to an international trade adviser.

"And for small companies with a big export idea, our competition, with the fantastic prize on offer, could be a springboard to international growth.  We're very keen to hear from East Midlands companies, particularly if they're new to exporting or relatively inexperienced. Firms just need to tell us - in 200 words - what their idea is, why it's workable, and why now is the best time to take it to market."

Mark Shires, Senior Partner at PwC in the East Midlands, said:

"Exports are critical to lifting the UK out of the economic slump and creating jobs. By increasing the volume of UK exports by about a quarter we would expect to add about £36bn to the economy. Clearly, the many SMEs based in the East Midlands have a big part to play in this. In our recent survey of private businesses in the region, we found that while the majority see regional and national markets as most important, interest in new markets is increasing and this is a trend that is likely to continue during 2012.

"There is a perception that exporting is only for large companies, but there are plenty of examples of smaller, entrepreneurial businesses in the region taking the leap, overcoming challenges and reaping the rewards. Hopefully, with initiatives likes this one and the help and advice from professional advisors, we will see many more East Midlands companies making the decision to increase their export activity or export for the first time."

Roy Harris, HSBC's Regional Commercial Director for the Midlands, said:

"SMEs have a critical role to play in supporting and driving the growth in trade volumes we expect to see over the coming years. Recent research by HSBC suggests that UK trade volumes will increase by 60 per cent by 2025. Considering the opportunities and rewards that trading internationally can bring is one way of driving that growth.

"Entering a foreign market for the first time can be a daunting step into the unknown, and that is why ensuring you have the right partner to support and guide you gives you the greatest chance of success. HSBC and other banks and professional advisers have a vital role to play in helping SMEs access foreign markets, and we are delighted to be working with UKTI to help firms achieve even greater profitability and increase the UK's GDP growth at the same time."

To find out more about the Export for Growth Prize and download an entry form, visit www.ukti.gov.uk/exportingforgrowthprize