The UK government has announced a £40 million ($60 million) fund to support small and medium sized aerospace supply chain companies win new contracts and bring new products to market.

Launching the National Aerospace Technology Exploitation Programme (NATEP) at the Paris air show today, Michael Fallon, Minister of Business and Enterprise says the new funding will help suppliers bring "currently un-developed supply chain products to market" which first and second tier manufacturers can incorporate into their future aircraft platforms.

"This will help you develop your own innovative technologies to increase your ability to win business with higher tier businesses anywhere in the world," Fallon told suppliers at the ADS Pavilion (Hall 2b, FG139).

Fallon says it is essential that small and medium sized companies spearhead new product development as "large companies acting alone aren't able to make the product advances to sustain our position."

The Minister says he expects some 500 English companies, or 25% of the country's aerospace sector, to benefit from the funding, which he also expects will help bring around 100 new technologies and products to the market.

"Through this new programme we hope to develop a stronger supply chain reach in new technologies and better able to develop the right new technologies and services at the right time, and crucially, ahead of the competition," says Fallon.

Currently only available to English companies, Fallon says the Government is in dialogue with the UK's devolved authorities to extend the support to companies based in Scotland, Wales and Northern Ireland.

Source: Flight Daily News