Business

UK, Malaysia to further enhance bilateral ties post Brexit

KUALA LUMPUR, 5 Apr - The United Kingdom and Malaysia will continue to expand bilateral economic relationship beyond Brexit after the former triggered article 50 for the secession from the European Union (EU).

UK Secretary of International Trade Dr Liam Fox said the UK affirmed its commitment to increase trade and investment as part of a determined effort to reach out to its trading partners and to reassure that the UK was open for business.

He also acknowledged the massive investments by Malaysian companies in the UK including that of the Battersea Power Station, a project by SP Setia, Sime Darby and the Employees Provident Fund, as well as the presence of the likes of EcoWorld, Khazanah Nasional and many others.

Fox, who is on a regional visit covering Kuala Lumpur, Manila and Jakarta, was speaking to reporters after a trade talk at Menara MITI in the capital on Wednesday. Together at the event were International Trade and Industry Minister Datuk Seri Mustapa Mohamed, British High Commissioner to Malaysia Vicky Treadell and UK Prime Minister’s Trade Envoy to Malaysia Sir Richard Graham. 

Meanwhile, Mustapa said that Malaysian property developers in the UK had not seen any adverse effects post referendum in October last year. He said sales had gone up since the referendum.
“Malaysia is committed to deepening the already strong relationship with the UK. Malaysia-UK ties have never been so impactful and flourish due to the continued success of the two countries in many sectors,” he maintained.
In education, Malaysia is the third largest contributor of foreign student in the UK after China and India while the UK has five universities in Malaysia, as well as over hundred tertiary institutions offering UK qualification, he said. 

The minister also calls for more participation from Malaysian professionals here and in the UK to benefit from the UK expertise in various areas including, defence, transportation, scientific research, space technology, sports, finance and energy.

In the span of 30 years, the UK has invested over £20bil (RM110bil) in Malaysia. The UK is currently Malaysia’s fourth largest trading country in the EU with annual goods and services trade at £3.34bil.
Source: The Star Online