UK to intensify trade with ASEAN
In its aim to put more emphasis on export and foreign direct investment in the wake of the euro zone crisis, Britain is focusing on ASEAN as an important trade partner.
According to UK Trade and Investment CEO Nick Baird, the British government has put in place several measures to ensure these objectives are met as part of its to move to restructure its economy.
Baird said more focus would be placed on exports and foreign direct investments into the UK to balance its economy. In terms of exports, he said ASEAN was becoming an important market for Britain in view of the weak European and US markets, adding that UK was targeting £1 trillion in total exports by 2020 or more than 40 per cent of export to GDP. Plans are also afoot to double trade with each ASEAN country by 2015.
Various initiatives and promotional campaigns had been put in place to bolster British exports to ASEAN. For example, companies which are exporting to growth markets are given generous discount for services incurred.
Foreign investments into the UK should be in line with the country’s new industrial strategy which focuses on the manufacturing and services sectors, particularly automotive, aerospace, railways, life sciences, education, construction, creativity, financial and professional services.
Another sector of interest for foreign direct investment in the UK is infrastructure. 40 per cent of UK’s infrastructure is already foreign owned, especially in transportation, energy and communication. Some of the major investing ASEAN countries are Singapore, Malaysia and Thailand. For example, London’s iconic Battersea Power Station is owned by Malaysian conglomerates SP Setia and Sime Darby.
[caption id="attachment_5424" align="alignleft" width="300"] UK Trade and Investment CEO Nick Baird puts the focus on ASEAN[/caption] In its aim to put more emphasis on export and foreign direct investment in the wake of the euro zone crisis, Britain is focusing on ASEAN as an important trade partner. According to UK Trade and Investment CEO Nick Baird, the British government has put in place several measures to ensure these objectives are met as part of its to move to restructure its economy. Baird said more focus would be placed on exports and foreign direct investments into the UK to balance its...
In its aim to put more emphasis on export and foreign direct investment in the wake of the euro zone crisis, Britain is focusing on ASEAN as an important trade partner.
According to UK Trade and Investment CEO Nick Baird, the British government has put in place several measures to ensure these objectives are met as part of its to move to restructure its economy.
Baird said more focus would be placed on exports and foreign direct investments into the UK to balance its economy. In terms of exports, he said ASEAN was becoming an important market for Britain in view of the weak European and US markets, adding that UK was targeting £1 trillion in total exports by 2020 or more than 40 per cent of export to GDP. Plans are also afoot to double trade with each ASEAN country by 2015.
Various initiatives and promotional campaigns had been put in place to bolster British exports to ASEAN. For example, companies which are exporting to growth markets are given generous discount for services incurred.
Foreign investments into the UK should be in line with the country’s new industrial strategy which focuses on the manufacturing and services sectors, particularly automotive, aerospace, railways, life sciences, education, construction, creativity, financial and professional services.
Another sector of interest for foreign direct investment in the UK is infrastructure. 40 per cent of UK’s infrastructure is already foreign owned, especially in transportation, energy and communication. Some of the major investing ASEAN countries are Singapore, Malaysia and Thailand. For example, London’s iconic Battersea Power Station is owned by Malaysian conglomerates SP Setia and Sime Darby.
Agree that they should be concerned about the balance of trade. More and more investment will flow into ASEAN considering the growth and competition in the market. It will be interesting to see how the UK will attract investor to invest there since the market is quite full and also strictly regulated.