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Malaysia-South Korea bilateral trade volume surpasses US$20 mil

Malaysia-South Korea bilateral trade volume surpasses US$20 mil

15 Dec 2022

Bilateral trade volume between Malaysia and South Korea surpassed US$20 million (US$1=RM4.41) for the first 10 months of 2022, said South Korea Ambassador to Malaysia Yeo Seung Bae. 

He said the significant increase was driven by the semiconductor, electrical and electronic products (E&E) industry and petrochemical products.

“Last year, trade volume between both countries exceeded US$20 million and it is expected to grow more and set a new record high again this year. Investment by Korean companies will continue to increase in Malaysia. 

“We would like to upgrade and expand the scope of cooperation between both countries. Now, we are very much interested in the high-tech industry and also green and renewables energy sectors,” he said after the launch of the official logo to commemorate the 40th anniversary of the Look East Policy (LEP) between Malaysia and South Korea, which enters its 40th year of implementation in 2023. 

LEP was introduced in 1982 by the fourth prime minister Tun Dr Mahathir Mohamad, with the objective of learning from the experiences of both South Korea and Japan in nation-building. 

The newly-launched official logo aims to reflect the robust bilateral linkage between the two countries, which consists of the flag colours of the two countries, among others. 

The renowned landmarks of the two countries, namely the Petronas Twin Towers and the Kwang-hwa-moon or the main gate of the Royal Palace Gyung-bok-gung, arealso prominently portrayed in the logo. 

Ministry of International Trade and Industry (MITI) deputy secretary general (industry) Datuk Seri Norazman Ayob said at the event that South Korea has always remained one of Malaysia’s top foreign direct investment (FDI) recipients. 

“I am confident that there will be more opportunities for both countries to be tapped into, especially in the halal industry, and high-end technologies such as artificial intelligence (AI), Internet of Things (IOT), robotics, smart manufacturing, smart cities, emerging automotive trends and renewable energy, in which Korean companies are renowned for,” he said. 

He also applauded the Embassy of the Republic of Korea for spearheading the sharing of best practices on environmental, social and governance (ESG) principles and stressed the importance of both countries tconducting more collaborations on this front under the LEP banner. 

Over the span of 40 years, South Korea has become one of Malaysia’s largest foreign investors in terms of implemented projects, with a total investment value of more than US$10 billion last year. 

South Korea was also Malaysia’s ninth-largest trading partner, with total trade valued at US$21.30 billion in 2021. 

Source: Bernama