Singapore and South-east Asia are key to UK's prosperity

I AM delighted to have made my first major trip overseas as Business Secretary to South-east Asia. Having spent some time living and working in Singapore, it is a pleasure to be back in a region that I love so well; but beyond the vibrancy of the people, the culture and happy memories, there are many very strong economic reasons for visiting South-east Asia.

South-east Asia is the UK's eighth-biggest export market, with £13.8 billion (S$26.7 billion) in exports per annum. That's three times more than we export to Brazil and twice what we export to India. As part of the government's efforts to increase UK exports to £1 trillion a year and to get 100,000 more UK companies exporting by 2020, the first trade trip of this Parliament brought delegates from our Northern Powerhouse to a region forecast to grow at 5 per cent this year and with potential to unlock huge opportunities for jobs and growth in the UK.

More than 3,000 British businesses are already thriving in South-east Asia, in every sector from advanced engineering, energy and healthcare, to financial services, high-tech and creative services. And it's not just the big names such as Roll-Royce, HSBC and GSK that have put down roots here: Nearly 25 per cent of UK firms active in the region are small to medium-sized businesses. The advent of the Asean Economic Community (AEC) will ease the way for the 10 member countries to work even more closely together. With a skilled workforce and a youthful population providing a strong foundation for future growth, the region is playing an increasingly prominent role on the world economic stage.