Malaysia Says Britain’s Euro Exit Won’t Have Major Impact On Malaysian Economy

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KUALA LUMPUR, Jun 24 – Prime Minister Datuk Seri Najib Razak, in a statement today said Malaysia’s economic exposure to Britain only accounted for about one percent of its total trade. He said the nation’s sound fundamentals, diversified economic structure and ample liquidity in financial markets means that the country is well-positioned to face any volatility.

He said: “We should increase this, and there may be an opportunity to do so now if the U.K. reaches out to strategically important nations beyond the EU. The government will also continue to strengthen the economy and further our fiscal reforms. I was sad to see Prime Minister David Cameron step down.”

Britons had today decided in a historic referendum vote that Britain should leave the EU bloc. The votes to leave the bloc was 51.9 per cent (17,410,742 votes) while those wanting the country to remain was 48.1 per cent  (16,141,241 votes). While the step United Kingdom (UK) has taken was historic and unprecedented, Najib said the future cannot be predicted as a period of volatility in financial markets is to be expected as the ramifications of the result were understood and as the exit would be negotiated.

The prime minister also said Malaysia regarded UK as an important partner in all areas, including trade, investment, defence, education and tourism. However, Najib said the nation’s economic exposure to the UK was limited as it was not among Malaysia’s top 10 trading partners and it only accounted for about one per cent of the country’s total trade.

In the meanwhile, he also said that he was confident that the Malaysia-UK relationship will be maintained and strengthened while the both countries were outward-facing nations with a diversity of faiths and cultures and strong traditions of moderation and cooperation.

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