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MITI’s trade, investment mission to Seoul generates RM1b potential sales

KUALA LUMPUR, Oct 20 —The Ministry of International Trade and Industry’s (MITI) trade and investment mission to Seoul, South Korea from Oct 18-20, 2018 has garnered RM1 billion in potential sales.

The ministry said the mission, led by its Minister, Datuk Darell Leiking, comprised 54 delegates including the State Executive Council members from Johor, Terengganu, Malacca and Penang, as well as state government/investment agencies from Johor, Malacca, Terengganu, Sabah, Perak, Kedah, Selangor and Penang.

“A total of 137 individual business meetings were arranged,” it said in a statement today."

The mission also managed to secure potential investments worth RM711.4 million from four companies which are mainly concentrated in the speciality of chemicals, electrical and electronics, and household appliances, it said.

The companies were Dongjin Semichem which planned to invest RM499.2 million, Cuckoo Homesys Co. Ltd  (RM104 million), CORE Tech Co. Ltd (RM74.9 million) and YoungReem Tech Co. Ltd. (RM33.3 million).

During the mission, MITI said Leiking had also met with South Korea’s Vice Minister for Ministry of Trade, Industry and Energy, Cheong Seung-il, and had  discussed various  bilateral economic cooperation between the two countries.

They had also discussed on potential cooperation under the Look East Policy 2.0 and in the areas of halal industry as well as high-end technology sectors such as artificial intelligence, Internet of Things, blockchain and medical devices, it added.

Source: Bernama