KUALA LUMPUR – The International Trade and Industry Ministry has secured potential investments worth RM24 billion as well as RM4.24 billion in potential products and services exports through its recent trade mission to South Korea.
The mission, led by minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz from last Tuesday to Friday, was part of the ministry’s efforts to attract quality investments and increase local companies’ participation in higher value global supply chains.
In a statement today, Tengku Zafrul said South Korean companies have expressed strong interest in Malaysia, which is a major catalyst for expanding bilateral trade and investment relations, particularly in sustainable and green technology such as carbon capture storage, hydrogen energy, and electric vehicles.
“Malaysia’s economic competitiveness in the future will depend on whether we can secure access to and master green technology.
“Therefore, it is crucial for Malaysia to work with investors that can help us unlock growth in areas that support our sustainable agenda, (and ) I hope South Korea can work closely with us on this as we chart a more resilient journey together for the challenges ahead,” he said.
The ministry said the new investment projects deliberated during the mission involved Samsung Engineering, SKC, Lotte Fine Chemicals, Hyundai, COWAY, and a consortium of Korean companies.
It said Lotte Energy Materials, Samsung Engineering, and POSCO Holdings also expressed their commitment to inject new investments in Malaysia, as well as the transfer of new technology, high-value job creation, talent development, ecosystem creation, and collaboration with local universities and industries – particularly involving small and medium enterprises.
During the mission, Tengku Zafrul also met with his counterpart South Korean Trade Minister Ahn Duk-geun to discuss issues such as the proposed resumption of bilateral free trade agreement negotiations between both countries.
They also discussed the formation of a ministerial trade cooperation dialogue, as well as potential cooperation in digital economy, green economy, renewable energy, supply chains, and economic cooperation under the platform of the Indo Pacific Economic Framework and Regional Comprehensive Economic Partnership, the ministry said.
The mission also included a business seminar, a venture capital (VC) investors’ round table, and a reception jointly organised by the ministry and the Malaysian embassy in Seoul to commemorate the 40th anniversary of the Look East Policy between the two nations this year.
More than 250 captains of industry from both countries participated in the business seminar in Seoul, while more than 20 South Korean VC investors attended the investors’ round table and indicated their interest to set up their robotics and AI-based businesses in Malaysia.
During the round table, Tengku Zafrul who chaired the session also witnessed the exchange of four memoranda of understanding which saw several Korean VCs committing to invest up to US$400 million (RM1.79 billion) in Malaysia.
Meanwhile, the reception by the ministry and the Malaysian embassy was attended by South Korean Foreign Affairs Minister Park Jin and vice-minister Lee Do-hoon, as well as members of the business community, government officials from both countries, and Malaysian professionals and students in South Korea. – Bernama, March 19, 2023
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