KUALA LUMPUR: UK’s export credit agency,  UK Export Finance (UKEF), has increased the support for bilateral trade with Malaysia by more than double to £5bil (RM28.35bil).

The British High Commission to Malaysia said on Monday this was announced by Richard Graham MP, the UK Prime Minister’s Trade Envoy to Malaysia during a visit to the country.

Hence, the increase means an additional £2.75bil will be available from 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 Malaysian ringgit, meaning that buyers in Malaysia can access finance in their own currency when they source from the UK,“ it said.

Graham said billions of pounds of additional financial support would be made available to support UK exporters and their Malaysian buyers.

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.