London,
03
May
2018
|
10:00
Europe/Amsterdam

Lord Mayor of London to visit Singapore and Indonesia to boost London-ASEAN links

The Lord Mayor of the City of London, Charles Bowman, is to visit Singapore and Indonesia from 6 to 9 May 2018 to promote greater cooperation between the UK and South East Asia.

In his capacity as a global ambassador for the UK's financial and professional sector, the Lord Mayor's itinerary in Singapore will see him exploring how the UK can further cooperate in areas including fintech and cyber-security. The ‘Lion City’ is this year’s chair of the Association of South East Asian Nations (ASEAN), a 10 country bloc which is quickly establishing itself as a major market player globally.

Travelling to Jakarta, the Lord Mayor will open the Indonesian Stock Exchange, before attending a series of meetings to promote London as the leading hub outside Asia for Rupiah-denominated Komodo bonds. Discussions will also take place with govenment and business leaders about how both sides can further collaborate in infrastructure financing, green finance and fintech.

Lord Mayor of the City of London Charles Bowman said:

“South East Asia is one of the world’s most exciting, dynamic regions, home to nearly 10% of the global population and a combined nominal GDP of nearly $2.8 trillion.

“My visits to Singapore and Indonesia, two of the leading lights of the ASEAN crown, come as the UK reaffirms its position on the world stage as a global trading nation.

“I look forward to some productive discussions on how we can boost cooperation and strengthen ties between London and the fast developing ASEAN region, which already collectively ranks as the sixth largest economy in the world.”

International Trade Secretary Dr Liam Fox said:

“Making the most of growing economies in South-East Asia is essential as the UK prepares for its own independent trading policy for the first time in forty years. Trade between the UK and Singapore and Indonesia is currently worth £14.2bn and The Lord Mayor’s visit will celebrate and build on this trade and investment relationship.

“To support UK businesses in accessing these markets, my international economic department offers live exporting opportunities on great.gov.uk and has a network of international trade advisers through our Exporting is GREAT campaign.”

Earlier this year, Dr Liam Fox attended the GREAT Festival of Innovation in Hong Kong with The Lord Mayor to celebrate the UK’s future relationship with our trading partners across Asia.

London Stock Exchange Plc CEO Nikhil Rathi said:

“The City is uniquely positioned as a gateway to Europe for Asian companies.

“As a global market place, London is committed to supporting South East Asia’s growth through capital raising. 35 ASEAN firms are listed in London with a combined market cap of $13.8 billion, and, with 19 active Komodo bonds, including the world’s first Komodo bond from an Indonesian State Owned Enterprise, London Stock Exchange has the ability to support ASEAN issuers in attracting significant global capital without foreign exchange currency risk.

“We look forward to building this market further with South East Asian and UK partners and authorities, and supporting the internationalisation of the ASEAN region capital markets.”

The City of London has a programme of engagement with countries across South-East Asia. To build collaboration in financial and professional services between the UK and ASEAN, the City of London sits on the ASEAN Market Advisory Group, run by TheCityUK.

In the future, the City Corporation also hopes to establish a City of London ASEAN Advisory Council made up of senior figures from the bloc’s financial sector. This follows the success of similar bodies who advise the Corporation in relation to its work in India and China.

During the visit to Jakarta, the Lord Mayor will also announce that a Scholarship will be awarded to one exceptional student as part of the Mansion House Scholarship Scheme. This award will be the fourth scholarship issued in Indonesia since the scheme began.

-Ends-

Notes to editors

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk

For more information contact:

Nathan Rodgers, Media Officer for Asia

City of London Corporation

Nathan.rodgers@cityoflondon.gov.uk

0207 332 3451 / 07864 625086