Its CEO Dzulkifli Mahmud told the financial daily that the United Kingdom – which traditionally sourced high value products within the European Union, especially Germany – could now shift its outsourcing of services outside the EU.
Malaysia, he advised, should start promoting high value and high quality exports such as aerospace, electrical and electronic products as well as construction material.
Brexit, a moniker used to describe the UK’s exit from the EU, will also now allow Britain to strike trade deals with other countries.
“This could lead to the establishment of stronger trade ties with other countries due to lesser restrictions compared to if UK remains in the EU,” he was quoted as saying.
Brexit, Dzulkifli said would make it easier for Malaysia to agree on a free trade pact with an independent Britain.
Prior to this, he explained, Malaysia had to sign a Free Trade Agreement with over 20 member countries.
“This is in line with the Malaysian Government’s opinion that one crucial way to grow trade is by all-free-trade pacts, including bilateral , multilateral and regional partnerships.”
The Malaysian Reserve noted that in 2015 the UK was Malaysia’s 17th-largest trading partner while in terms of exports and imports the UK contributed 1.2 per cent and 1 per cent share respectively.