Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
DEPARTURES<br />
Association of South East Asian<br />
Nations (ASEAN) Secretary General,<br />
Dato Lim Jock Hoi, reaffirmed the<br />
UK’s strong commitment to forging a<br />
stronger partnership with ASEAN as<br />
a bloc, building on the foundations<br />
of the already strong bilateral<br />
relationships across South East Asia.<br />
Britain traded £32billion worth of<br />
goods with South East Asia in 2016,<br />
and according to Mark Field: “UK<br />
investment in South East Asia<br />
exceeds UK investment in China and<br />
India combined, and the region is a<br />
growing and important source of<br />
investment into the UK.<br />
“UK exports to South East Asia<br />
rose 19% in 2017 alone,” he adds.<br />
Britain is also considering a<br />
bilateral free trade agreement<br />
with Singapore given the trading<br />
relationship and shared history<br />
between the two countries, and has<br />
also entered into trade discussions<br />
to expand trade with Malaysia.<br />
A free trade agreement between<br />
the UK and the Association of South<br />
East Asian Nations is also said to be<br />
in the offing.<br />
This would present UK businesses<br />
with strong prospects in the region –<br />
from basic to hi-tech industry and<br />
services. FinTech, green finance,<br />
developing smart cities, cyber<br />
security, education and increased<br />
defence co-operation are among the<br />
likely areas of focus and opportunity<br />
for future business cooperation<br />
between the UK and ASEAN.<br />
Meanwhile, growing economies<br />
such as Vietnam and Indonesia<br />
already make use of the UK’s<br />
expertise in manufacturing and<br />
infrastructure development.<br />
<strong>The</strong> UK has also launched two<br />
new UK programmes supporting<br />
ASEAN priorities for economic<br />
reform and low carbon energy,<br />
and engaging the UK private sector<br />
in its interests in South East Asia.<br />
According to the Asian Development<br />
Outlook <strong>2019</strong>, growth in South<br />
East Asian economies remains<br />
steady, providing stable conditions<br />
for future co-operation on trade.<br />
“Strong consumption, spurred by<br />
rising incomes, stable inflation, and<br />
robust remittances is underpinning<br />
growth in Indonesia, Malaysia, the<br />
Philippines, Singapore and Thailand,<br />
as is foreign investment in Cambodia<br />
and Vietnam,” says the report. UK<br />
businesses – and government –<br />
should strike while the iron is hot. <br />
YEO KHEE<br />
THEBUSINESSTRAVELMAG.com<br />
93
Change language