Malaysia, S. Korea urged to leverage strength in manufacturing, technology to draw investments - MIDA | Malaysian Investment Development Authority
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Malaysia, S. Korea urged to leverage strength in manufacturing, technology to draw investments

Malaysia, S. Korea urged to leverage strength in manufacturing, technology to draw investments

27 Nov 2023

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 oil palm, 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 the areas we could leverage each other,” she said during the Look East Policy Malaysia-Korea Business Summit today.

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 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 also added that Malaysia would continue to engage with more than 500 Malaysian students in South Korea to work on talent development in order to ensure the country could be 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 the 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) for 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: Bernama