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February 21, 2012
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BMCC: The best is yet to come for UK-Malaysia Trade
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For Immediate Release : Tuesday, 21 February 2012
Source : British Malaysian Chamber of Commerce
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The British Malaysian Chamber of Commerce (BMCC) invited Lord Green of Hurstpierpoint, UK Minister of State for Trade & Investment as their guest speaker at the first British Malaysian Chamber of Commerce (BMCC) Premier Business Luncheon of the year. The lunch took place on 16th February 2012 at The Ritz Carlton Kuala Lumpur and was sponsored by Amcorp Properties and Gleneagles KL.
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This prestigious event brought together over 130 of KL’s senior corporate business leaders to an exclusive audience with Lord Green and provided guests with a platform to openly ask Lord Green questions about the two way trade opportunities. Whilst in Malaysia, Lord Green also called on the Minister for International Trade and met with a number of important investors in the UK and representatives of UK businesses operating in Malaysia during his visit. "Malaysia - the best is yet to come and our two countries have lots to build on. There is no doubt the region is becoming an increasingly important player in the global economy. Robust domestic demand and improving macroeconomic fundamentals will also continue to support economic growth. Malaysia is UK’s second largest export market in South-East Asia and we want to build on this,” said Lord Green.
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Lord Green talked about the global shift of the center of gravity from West to East and the emergence or rather the re-emergence of some major Asian countries on the world economic stage. It was clear from Lord Green’s talk that the UK will be enhancing its relations with ASEAN countries including Malaysia. The newly formed United Kingdom (UK)-ASEAN Business Council (UK-ABC) was recently launched to further promote trade and investment between ASEAN and the UK. According to ASEAN statistics, this trade was worth 28.34 billion U.S. dollars in 2010, which is a 23% increase year-on-year. UK exports in goods to Malaysia in 2010 were valued at £1.22 billion, placing Malaysia as the UK’s second largest export market in South East Asia. The UK is also one of the largest investors in Malaysia, investing over £20 billion in the past 30 years.
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Malaysia remains an attractive market for UK investors with its familiar historical and educational ties, commercial and legal framework and the widespread use of English, all of which help Malaysia’s business appeal. A significant and growing number of British companies have a presence in Malaysia, in a number of cases as a hub for their regional business interests.
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BMCC Board of Director, Datuk Peter Wentworth OBE said “It was encouraging to hear that Lord Green thought that bilateral Chamber of Commerce like the BMCC had a significant role in helping to facilitate more trade and investment. Malaysia’s commercial links with the UK are strong and Malaysia is now designated as one of the UK’s High Growth Markets and we look forward to assisting and supporting companies both ways”
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Leading UK companies in Malaysia include: Tesco, British American Tobacco, Fitness First, Rolls-Royce, BAE Systems, HSBC Bank, Royal Bank of Scotland and Standard Chartered Bank. Malaysian interest in the UK will also be a promoted area for the BMCC. Today, Malaysian companies in the UK include Amcorp Properties, PETRONAS, Scomi, Malaysia Airlines, AirAsia, American Eagle Tankers (AET) UK Ltd, Proton, Maybank, CIMB, Guoman, Corus, Holiday Villa Hotel, Genting Group, Laura Ashley Plc and YTL.
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