South Korean businesses urged to invest in Malaysia’s ICT & other emerging industries
South Korean companies are encouraged to tap business opportunities in the information and communication technology (ICT) and other emerging industries.
Deputy Prime Minister Tan Sri Muhyiddin Yassin who is leading a delegation of Malaysian officials and corporate leaders to South Korea made the call during a meeting with South Korean businessmen in Seoul yesterday.
Tan Sri Muhyiddin said Malaysia has modern infrastructure and other facilities to support South Korean investments including via collaborations with Malaysian counterparts in areas such as electronics, ICT, biotechnology, agro-based products, pharmaceuticals, renewable energy and machinery and engineering equipment, particularly noting the republic’s strengths in these areas especially in research and development.
As Malaysia is known as a leading manufacturing base for many high value-added electronic components and equipment, he called on South Korean companies to continue to invest and grow their operations in Malaysia, which is promoting investments in high value-added and capital-intensive industries.
Currently there over 300 South Korean companies including Samsung, Kiswire, Donghwa, SK Telecom and Honam Petrochemicals which have invested more than RM15.5 billion in Malaysia’s manufacturing sector.
In addition these companies have also brought in suppliers and subcontractors that have assisted to develop the supply chain in the country.
Last year, Malaysia attracted investments of over RM5billion from South Korea, emerging as the second largest source of foreign direct investments in the manufacturing sector.
Tan Sri Muhyiddin also told the business community there that the opening up of 44 services sub-sectors would enable a higher foreign participation in these areas including health and tourism services.
Meanwhile, he told the businessmen that Malaysia has moved up significantly in business-related key global rankings, citing the World Economic Forum's Global Competitiveness Report 2011 which has placed Malaysia at 21st position among 142 countries, up from 26th position before, while the World Bank's Doing Business Report 2012 has ranked the country at 18th spot.
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