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We are working with shipbuilders and the rest of the marine sector to implement the Marine Industries Growth Strategy through the Marine Industries Leadership Council that I co-chair. Good progress is being made on the priority areas of technology, skills and exports. The Technology Strategy Board launched an £8 million collaborative research competition in January 2013 aimed at accelerating innovation and technologies to improve vessel efficiency. This proved to be highly successful and illustrated the industry's capability to develop innovative projects. A further competition will be launched in the winter.
In January 2013 I launched the Marine Export Strategy, which UK Trade & Investment has developed with industry to deliver export growth. Support has also been provided to Princess Yachts under the Regional Growth Fund (RGF) and Fairline Boats Ltd received a conditional offer under the latest round of the RGF.