Malaysia’s trade with Britain expected to surge, says chamber official

KUALA LUMPUR: The United Kingdom, seeking to boost its flagging
economy, is optimistic that bilateral trade with Malaysia will see
increase in the future.
British-Malaysian Chamber of Commerce (BMCC) deputy chairman Andrew M. Sill
said that things looked positive and with the British government
backing an increased focus on British-Malaysia ties, there was
definitely a high expectation “we will see increased trade between the
United Kingdom and Malaysia.”
He said it was no surprise that
Britain was keen to boost the partnership and this was evident from the
comments made by British Prime Minister David Cameron during his visit to Malaysia in April.
“Cameron
has said Malaysia has been the subject of benign neglect in recent
years and trade between both countries has not been as high as it
should be, and it was time to put in a bit of effort in rebuilding the
trade ties and to getting it up to more acceptable levels.
“I
think what we will see in the coming years is a real focus on
British-Malaysia trade and I’m very sure that we will see an increase
in the level of trade between the two countries as a result,” he told Bernama.
Last
year, the United Kingdom was Malaysia’s fourth largest trading partner
among European Union countries, with a total trade of RM13.03bil, while
Malaysia was Britain’s second largest trading partner in Asean.
Sill, who is also country executive of Royal Bank of Scotland Bhd,
said there was mounting interest from British companies to look at
Malaysia as an alternative trade and investment destination given the
uncertainties in Europe.
“A lot of businesses are focused on
multinational client base, and certainly in the first six months of the
year we have seen enhanced interest in Malaysia in terms of new
investments.
“British companies that have an existing base in
Malaysia are also looking to step up their investments and increase
their representation and profile here.
“Since Europe is going
through a recessionary period, this is the natural instinct for
European and British corporates to look at overseas markets.
“And
I think Malaysia has always been viewed as a prominent investment
country,” he said, adding that this augur well for two-way trade and
investment.
Some of the prominent British companies operating in Malaysia include British American Tobacco Malaysia, BAE System (International) Ltd, HSBC Malaysia Bhd, Rolls-Royce Malaysia Sdn Bhd.
BMCC signed a memorandum of understanding with the Malaysian External Trade Development Corp
in 2010 as a pillar to link with 150 key British, Irish, Welsh and
Scottish Chambers Of Commerce, trade promotion and investment agencies.
Through
this initiative, the BMCC has been positioning itself to be a key
partner in raising the profile of Malaysia as a competitive and
business friendly country in the United Kingdom. — Bernama
Since
1964, the BMCC has been a catalyst in providing businesses in Malaysia
with support, networking, knowledge exchange and bilateral trading
assistance. — Bernama