LONDON: The UK and Malaysia start on a strong economic footing, with the latest figures for bilateral trade accounting for around £4.6 billion (RM25.8 billion) a year, an increase of 27 per cent since 2009.
UK investment is around £4 billion and £3 billion of Malaysian investment comes to the UK, including the Malaysian consortium that have invested in the redevelopment of one of London’s most iconic areas around the Battersea Power Station and Chelsea Barracks.
Partnership is going to be the buzzword during my three days in Kuala Lumpur. It has to be because of the growth potential of the Asean economies, estimated at around five per cent in the coming years. For the European countries like us, while our noses are in front for now, investors in the UK are increasingly looking at high growth Asean economies and Malaysia is certainly at the forefront here.
In addition, with the Asean Economic Community (AEC) expected to be formed by the end of this year, with the aim of creating a single market for the free flow of goods, services, investment and labour, countries like the UK can’t be left behind. And this is certainly not surprising when you consider that it’s a market of 600 million people with a youthful, vibrant workforce. Essential for that workforce is, of course, education, training and qualifications.
As chairman of the globally renowned Chartered Institute for Securities and Investment (CISI), I know how important these key factors are for a successful economy in facilitating the development of the financial and professional services industry. The CISI recognises the demand for qualified candidates and helps individuals and firms in the financial services sector attain and maintain high standards of competence, behaviour and integrity.
I am looking forward to attending an event in Kuala Lumpur which will mark a partnership between HELP University and the CISI to provide training and coaching to those looking to work in the wealth management area. I am predominantly here to sell the services of City of London, the expertise we have and to talk about how we can work more closely with Malaysia. One area, in particular, where I will be extolling the benefits is Islamic Finance.
With the market growing 50 per cent faster than traditional banking, Malaysia has unique strengths to offer the international finance community and London is open to investment opportunities via Islamic Finance. Our expertise crosses so many areas of financial services, particularly in ethical products, and includes a growing range of Syariah-compliant financial products, but we’re keen for closer partnership with Malaysia in this area of finance.
