15:33 | 01/03/2018 Global Economy
The UK government is interested in boosting trade and investment cooperation with Southeast Asian nations and considers the region the first test of its post-Brexit “Global Britain” strategy, according to the UK-based Telegraph newspaper.
|A construction site in Indonesia - Source: AFP/VNA|
Indonesia is seen as one of the first targets of UK firms in the region under the strategy, which aims to assure the country’s economic, trade and investment influence after Brexit, the article said.
According to the PwC consulting firm, Indonesia will become the world’s fourth largest economy by 2050, just behind China, India and the US. Indonesian President Joko Widodo has also pledged to open Indonesia to foreign investment.
British engineers could be handed lucrative contracts with Indonesia to regenerate its ailing road and rail networks.
The Department for International Trade hopes the successful regeneration of St Pancras International and the Jubilee tube line, which are said to have dazzled Indonesian ministers during a recent visit to London, will give the UK an advantage in securing investment.
However, British firms will face fierce competition with Chinese and Japanese trade giants who are vying for influence over Indonesia’s booming economy.
After Brexit, leaders of the UK and Indonesia have met more regularly. Seven cabinet members of Indonesia visited London to discuss trade cooperation-related affairs.