International Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz will lead a trade and investment mission to Seoul, South Korea from March 14 to 17 to strengthen the economic ties between the two countries.
The mission is part of the International Trade and Industry Ministry’s (Miti) continuous effort to promote Malaysia as the investment destination of choice for Korean businesses, as well as Malaysian products and services to the Korean market.
In a statement today, Miti said the mission’s focus is on high technology and high value-added sectors, such as smart manufacturing, artificial intelligence (AI), digitalisation and renewable energy.
“The official delegation will comprise senior officials from MITI, Malaysian Investment Development Authority (Mida), Malaysia External Trade Development Corporation (Matrade), as well as representatives from the state investment promotion agencies, regional development corridors and Malaysian companies,” it said.
Miti said during the mission, Tengku Zafrul will have a bilateral meeting with South Korean Trade Minister Dukgeun Ahn to discuss bilateral issues, regional economic cooperation, as well as measures to strengthen collaboration in addressing emerging global issues for mutual interest.
“Miti will host a seminar on business opportunities in Malaysia, where the South Korean audience will be updated on Malaysia’s trade and investment climate as well as facilitation provided by the government to Korean companies planning to invest in Malaysia.
“There will also be sharing sessions by Korean companies of their experience of doing business in Malaysia, as well as targeted business meetings with prominent Korean companies that have expressed interest to invest and expand their business in Malaysia,” it said.
Additionally, it said there will be business matching sessions between potential South Korean investors and importers with the relevant state investment promotion agencies, regional development corridors as well as Malaysian businesses and exporters.
South Korea was the eighth largest trading partner for Malaysia with total trade amounting to RM114.55 billion (US$26.01 billion) in 2022, an increase of 29.7 per cent compared with RM88.31 billion (US$21.01 billion) in 2021.
In terms of investment, the republic has been one of Malaysia’s top sources of foreign direct investment (FDIs) for the manufacturing sector, with 374 projects worth US$9.2 billion (RM32.9 billion) being implemented and generating 46,260 jobs as of June 2022. — Bernama