KUALA LUMPUR (Feb 22): The British Malaysian Chamber of Commerce (BMCC) and Malaysia Digital Economy Corporation (MDEC) signed a Memorandum of Understanding (MoU) to boost digital trade and economic cooperation between the United Kingdom and Malaysia.

Among the key highlights from the MOU is investment promotion, talent development, market access and establishing BMCC digital tech committee. It opens avenues for Malaysian expertise and fast-growing digital companies to tap into high-growth potential markets, enabling them to expand their products and services to the UK.

The MOU was endorsed by MDEC CEO Mahadhir Aziz and BMCC CEO Jennifer Lopez, and witnessed by Digital Minister Gobind Singh Deo alongside Ailsa Terry, the UK High Commissioner to Malaysia, and Richard Graham, the UK Prime Minister’s Trade Envoy to the ASEAN EC, Indonesia, Malaysia and the Philippines.

As the UK stands as Europe's top tech investment destination and home to the world's fourth-largest number of tech unicorns, this partnership signifies a significant step towards bolstering digital cooperation between the two nations.

Mahadhir said: “We are thrilled to join forces with BMCC as it exemplifies our unwavering commitment to driving digital transformation and enriching the digital economy. Together, with the PeMangkinMD national strategic initiative, we aim to generate significant economic spill-over and foster exceptional growth, reshaping the way we work and live in Malaysia.”

Meanwhile, BMCC’s Lopez expressed optimism about the transformative impact of this collaboration, adding that the bilateral trade between the UK and Malaysia, currently at a healthy £5.8 billion (RM35.11 billion) as of 3Q 2023, underscores the deep-rooted historical ties and robust commercial exchanges between the two nations.

“However, the true potential for growth remains untapped, necessitating proactive measures to harness emerging opportunities on the horizon. The digital economy presents immense opportunities for businesses to innovate, grow, and expand globally.”

“Through this partnership with MDEC, we aim to facilitate closer collaboration between Malaysian and British businesses, driving mutual prosperity and growth, and leveraging the Comprehensive and Progressive Agreement for Trans-Pacific Partnership to maximise the benefits of international trade and investment.”