KUALA LUMPUR: The United Kingdom has more than doubled its export funds to £5 billion to support two-way trade with Malaysia.
This was disclosed by Richard Graham, the UK Prime Minister’s trade envoy to Malaysia, during his visit here.
Graham, in a statement today, said the increase means that an additional £2.75 billion will be available from export credit agency UK Export Finance (UKEF) to help Malaysian buyers access attractive long-term financing to source high-quality goods and services from the UK.
UKEF is also now able to support financing in the ringgit, meaning that buyers in Malaysia can access finance in the local currency when they source from the UK.
“I am delighted to announce that the UK government, through UK Export Finance, is increasing financial support available for trade with Malaysia to £5 billion, meaning billions of pounds of additional financial support to support UK exporters and their Malaysian buyers,” he said.
While in Malaysia, Graham will also support the visiting English Language Training trade delegation from the UK, and meet senior figures across government and business.
The visit follows a successful trip by International Trade Minister Mark Garnier earlier in the summer.
He met key figures from the Ministry of International Trade and Industry to strengthen bilateral relations and discussed burgeoning trade in the technology and education sectors.
He also promoted UK education expertise and positioned the country as the overseas investment destination of choice for Malaysian companies and investors.