Malaysia, South Korea urged to leverage strength in manufacturing, tech to draw investments
Bloomberg filepix for illustration purpose only
KUALA LUMPUR (Nov 27): Malaysia and South Korea should leverage each other’s strength in manufacturing and technological advancement, respectively, to enhance and attract more investment opportunities between both countries.

Malaysian Investment Development Authority’s (Mida) executive director for investment policy advocacy (manufacturing) Masni Muhammad said that South Korea has technological advantages in terms of innovation, research and development, as well as semiconductor, electronics, digital economy, and information technology.

“On the other hand, Malaysia is strong in the manufacturing sector and we are the manufacturing hub in South Asia, wherein the country has been blessed with palm oil, oil and gas, and mineral resources.

“For example, while Malaysia is blessed with palm oil, South Korea is looking at bio-renewable and this is among areas we could leverage each other,” she said during the Look East Policy Malaysia-Korea Business Summit on Monday.

Moreover, she said there were recurring themes in Malaysia and South Korea’s economic policies, especially in the green economy, sustainability and digital economy sectors.

“Hence, both countries could work together and enhance green investments globally,” she said.

Apart from that, she said both countries need to fully utilise or enhance the existing free trade agreement, moving forward.

“I think strengthening regulatory framework through bilateral trade will definitely be able to boost investment, as well as economic cooperation, as South Korea has been among the top five contributors to investments in Malaysia,” she further said.

Masni added that Malaysia would continue to work on talent development, with more than 500 Malaysian students currently in South Korea, in order to ensure that the country is able to supply the talent needed by South Korean investors in Malaysia.

Meanwhile, Ministry of Investment, Trade and Industry (Miti) deputy secretary-general for international trade Mastura Ahmad Mustafa urged South Korean companies to leverage tremendous opportunities outlined by the New Industrial Master Plan (NIMP) 2030, aimed at revitalising the manufacturing sector through its mission-based approach to industrial development for mutual benefits.

South Korea is one of the main sources of foreign direct investment (FDI) in Malaysia, whereby as of June 2023, a total of 386 projects were implemented, with investments amounting to US$9.30 billion (RM33.20 billion), creating a total of 46,580 job opportunities.
Source: The Edge 

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