South-East Asia is next destination for UK business » SMEInsider

South-East Asia is next destination for UK business

Prime Minister David Cameron and Business Secretary Sajid Javid have embarked upon separate trade missions in South-East Asia, hoping to gain more than £750m in business deals.

David Cameron will be visiting multiple countries within the region, including Indonesia, Malaysia, Vietnam and Singapore, as the PM looks to create more deals with countries outside of Europe.

Cameron, who is currently in Indonesia stated:

‘‘Over the next 20 years, 90% of global growth is expected to come from outside Europe, and Britain must be poised to take advantage.’’

‘‘That’s why I’m delighted to be taking British businesses to this vast and dynamic market, securing deals worth over £750m and creating opportunities for hard-working people back at home.’’

With the UK set to take part in a European referendum in 2017, Cameron is making sure that Britain gains as many global trade links as possible.

‘‘We can also open up more markets for British businesses by leveraging the power of the EU’s single market with 500 million consumers to secure bold, ambitious trade deals with these fastest, growing economies.’’

One of the main aims of the trip is to try and gain a free trade deal between the European Union and Asean, the South-East Asian trading bloc.

If the trade delegation manages to accomplish their aim, it means a potential £3bn could be added to the UK economy.

Cameron is also looking to profit from Indonesia’s growing construction industry. Through financing up to £1bn of new developments in Indonesia, the UK could gain over £200m in exports.

The Prime Minister singled out Indonesia in an interview, claiming that the country will soon be ‘‘a top-ten economy.’’

A number of business leaders have joined Cameron in his trade mission, including

Philip Bouverat, from JCB

John Nelson, from Lloyd’s of London

Ann Cormack, from Rolls-Royce

Leo Quinn, from Balfour Beatty

Mark Wilson, from Aviva

Paul Kahn, from Airbus Group UK

Vivienne Stern, from UK Higher Education International Unit

Sir Martin Sweeting, from Surrey Satellite Technology

Business Secretary Sajid Javid has also travelled to South East Asia, heading up a group of business leaders from the North-West of England.