International Trade Minister visits 2 fast-growing Asian
markets in a bid to boost trade and investment opportunities
post-Brexit on his first trip to Malaysia and South Korea this
week (6 to 11 August).
He will start his trip in Malaysia, where he will meet key
figures from the Ministry of International Trade and Industry to
strengthen bilateral relations and discuss burgeoning trade in
the technology and education sectors. Technology is one of top 5
UK exports to the country and represents an opportunity to
promote British goods and services.
He will also promote UK education expertise and position the
country as the overseas investment destination of choice for
Malaysian companies and investors.
He will end his trip in South Korea, where trade relations with
the country have traditionally been strong, with trade worth in
excess of £10 billion and a trade surplus in place since 2010. He
is expected to focus on increasing collaboration in the
automotive sector as the number of cars exported to South Korea
has increased 5-fold, making it the UK’s eighth largest export
market outside of Europe.
He will also meet officials at the Ministry of Trade, Industry
and Energy and the Senior Economic Secretary to the President to
discuss future trade and investment opportunities, and the
benefits of free trade.
Ahead of the visit, International Trade Minister, said:
As we look towards our future outside the EU, it’s important to
strengthen existing trading links with thriving economies like
Malaysia and South Korea and build new and mutually beneficial
partnerships.
We know there is a wealth of opportunities out there and as an
international economic department we are determined to help UK
businesses seize these and make clear that the country is open
for business.
Recent trade wins in Malaysia and South Korea
In December 2016, DIT signed a
Memorandum of Understanding with the Malaysia Digital Economy
Corporation, a move that has led to significant interest from the
UK technology and research sector in the huge opportunities
available here.
Last year, UK mobile banking company, Monese, secured a major
investment from the largest Korean venture capitalist company,
Korea Investment Partners. Monese launched the first 100% mobile
current account in the UK in September 2015 and is one of the
leading Fintech players in the market.
UK-Malaysia and UK-South Korea trade relations
Key facts are:
- Malaysia is one of the world’s top locations for offshore
manufacturing and service based operations
- multinational corporations from more than 40 countries have
invested in over 5,000 Malaysian companies
- the top 5 UK exports to Malaysia are infrastructure, defence,
education and technology
- overall bilateral trade totalled £4.4 billion in 2015, as it
is our second largest export market in ASEAN
- foreign direct investment into Malaysia from the UK rose 6%
from 2011 to over £3.4 billion in 2016
- UK-South Korea trade is worth in excess of £10 billion and
since 2010, the UK has run a trade surplus with South Korea
- the top 5 UK exports to South Korea are crude oil, mechanical
appliances, road vehicles and parts, aircraft and spacecraft and
,optical, photographic, cinematographic, medical equipment
instruments
