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MIDA, KOSME, Korea Desk promotes business partnerships between Malaysia, Korea

MIDA, KOSME, Korea Desk promotes business partnerships between Malaysia, Korea

03 Dec 2020

The Malaysian Investment Development Authority (MIDA), Korean small and medium enterprises and startups agency (KOSME) and the Korea Desk had successfully held a second ‘Korea-Malaysia Technology Matching Session’ from Nov 30-Dec 2, 2020.

The first edition of the virtual business matching session was held in August this year, said MIDA and KOSME in a joint-statement today.

They said 12 Korean companies from various industries — including electrical and electronics (E&E), green technology and medical industry players — as well as more than 50 Malaysian companies from relevant industries took part in the session.

“Malaysia and Korea have a long-standing business partnership. As at June 2020, a total of 387 manufacturing projects with Korean participation, amounting to RM26.6 billion (US$8 billion) have been implemented in the country.

“These investments primarily concentrated on industries such as chemical and chemical products, E&E, petroleum products (including petrochemicals) as well as basic metal products and non- metallic mineral products; creating more than 53,032 jobs for the economy,” the statement said.

Additionally, in the first nine months of 2020, seven manufacturing projects with Korean participation were approved, with investments worth RM1.4 billion (US$331.6 million), and these projects are to create employment opportunities for 686 people.

According to the statement, Malaysia, through MIDA, has been welcoming high-technology, high value-added, knowledge and capital-intensive foreign direct investments.

It said collaborations between Korean and Malaysian companies in high-value sectors such as information and communications technology (ICT), data analytics, design and development will be instrumental in propelling Malaysian companies up within the global value chain; enabling the rise of more local champions.

“Companies are urged to seize the opportunity to leverage the various initiatives and facilities offered by the government to move towards Industry 4.0.

“This includes the Domestic Investment Strategic Fund, Automation Capital Allowance for companies undertaking automation, Industry4WRD Intervention Fund, as well as the Smart Automation Grant,” it said.

More information can be obtained at www.mida.gov.my

Source: Bernama

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