KUALA LUMPUR, March 19 — The Intercontinental Trade and Market Ministry (Miti) has secured probable investments truly worth RM24 billion as nicely as RM4.24 billion of potential exports of products and solutions and products and services through its recent trade and investment mission to South Korea.
The mission, led by Miti Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz from March 14-17, 2023, was portion of the ministry’s efforts to attract high quality investments and increase nearby companies’ participation in better benefit global provide chain.
In a assertion today, Tengku Zafrul claimed South Korean companies have expressed solid curiosity in Malaysia, which is a significant catalyst for expanding the two countries’ bilateral trade and expense relations, notably in the sustainable and green technology sectors this sort of as carbon capture storage, hydrogen strength and electric motor vehicle.
“Malaysia’s economic competitiveness in the upcoming will rely on no matter if we can protected accessibility to and grasp eco-friendly technology.
“Therefore, it is very important for Malaysia to perform with buyers that can assist us unlock growth in parts that assistance our sustainable agenda, (and) I hope South Korea can do the job closely with us on this as we chart a extra resilient journey collectively for the difficulties forward,” he stated.
MITI reported the new financial investment assignments deliberated in the course of the mission associated Samsung Engineering, SKC, Lotte High-quality Chemical compounds, Hyundai, Coway and a consortium of Korean corporations.
It stated Lotte Vitality Resources, Samsung Engineering and Posco Holdings also expressed their motivation to inject new investments in Malaysia, as properly as the transfer of new engineering, significant-worth work development, talent development, ecosystem creation and collaboration with neighborhood universities and industries, specially involving small and medium enterprises.
In the course of the mission, Tengku Zafrul also met with his counterpart, South Korean Trade Minister Dukgeun Ahn to examine concerns such as the proposed resumption of bilateral free of charge trade settlement negotiation among the two countries.
They also mentioned the development of a ministerial trade cooperation dialogue, as nicely as possible cooperation in electronic financial state, inexperienced financial state, renewable vitality, provide chain and economic cooperation less than the system of the Indo Pacific Economic Framework (IPEF) and Regional In depth Financial Partnership (RCEP), the ministry explained.
The mission also included a business seminar, a enterprise funds (VC) investors’ roundtable and a reception jointly organised by MITI and the Malaysian embassy in Seoul to commemorate the 40th anniversary of the Glance East Policy (LEP) concerning the two nations this calendar year.
Additional than 250 marketplace captains of marketplace from both equally nations around the world participated in the business enterprise seminar in Seoul, when additional than 20 South Korean VC traders attended the VC investors’ roundtable and indicated their desire to established up their robotics and synthetic intelligence (AI)-centered organizations in Malaysia.
For the duration of the roundtable, Tengku Zafrul who chaired the session also witnessed the exchange of 4 memoranda of knowledge (MOUs) which observed quite a few Korean VCs committing to invest up to US$400 million (US$1=RM4.48) in Malaysia.
Meanwhile, the reception by Miti and the Malaysian embassy was attended by South Korean International Affairs Minister Park Jin and Vice-Minister Lee Do-hoon, as perfectly as member of the small business community, govt officials from both of those international locations, and Malaysian pros and pupils in South Korea. — Bernama