Written by Guanie Lim and Xu Chengwei. In March 2021, the UK government published the ‘Global Britain in a Competitive Age’ report. Amongst other things, it sets out the UK’s four key objectives: upholding an international order supportive of liberal democratic values; contributing to the security of this order; building greater global resilience to the impacts of climate change, health insecurity, and related challenges; and pursuing an international economic agenda that strengthens the UK’s global competitiveness and supports the welfare of its citizens. One of the most practical measures to achieve such goals is to channel foreign direct investment (FDI) to outward-oriented economies, not least those with potentially enormous upside. Boasting the fifth-largest economic output in the world and a very favourable demography, the Association of Southeast Asian Nations (ASEAN) must figure prominently in the calculus of UK policymakers.
