NATIONAL

Malaysia proffers Korea commerce during high-level trade trip

By Korea Herald
  • Published : Oct 19, 2014 - 20:30
  • Updated : Oct 19, 2014 - 20:35
Malaysia’s minister of international trade and industry led a giant delegation in Seoul during a two-nation Asia trip to help boost South Korean-Malaysian commerce and upgrade bilateral diplomatic ties from Sept. 29-30.

Along with Malaysian Ambassador Dato’ Rohana Ramli, the country’s minister of international trade and industry, Mustapa Mohamed, directed three seminars on “Business Opportunities in Malaysia” in late September in Seoul and in similar meetings in Tokyo from Oct. 1-2.

The seminars were aimed at updating the South Korean business community on current economic developments in Malaysia, and highlighting new opportunities offered by Malaysia, particularly for investment and trade in the manufacturing and services sectors. Malaysia has maintained annual average GDP growth of around 5 percent over the past three years.
Malaysian Minister of International Trade and Industry Mustapa Mohamed (center) gestures while Malaysian Ambassador Dato’ Rohana Ramli (far right) looks on during a conference in which some 350 local executives, experts and government officials participated in Seoul on Sept. 30. (Philip Iglauer/The Korea Herald)

A platoon of 47 executives and trade experts accompanied the minister in Seoul, representing a slew of economic sectors that the Southeast Asian country is promoting here, such as green technology, high-tech businesses, biotechnology, advanced electronics and automobiles.

More than 350 local executives, scholars and trade experts participated in the seminars.

In his capacity as chairman of the seminar, Ahn Choong-yong, professor of economics at ChungAng University, delivered the opening message followed by a keynote address by the Malaysian trade minister.

“We are receiving positive responses on the seminars from the local business community (and) participants are looking forward to attending the “Individual Business Meeting” sessions, which will be arranged between members of the Malaysian delegation and participants attending the seminar,” said Dato’ Azman Mahmud, the CEO of the Malaysian Investment and Development Authority, at the start of the trade visit.

Minister Mohamed said the trip will go far in bolstering the Malaysian-South Korean economic partnership. He also took part in separate meetings with South Korean ministries and agencies.

Additionally, the minister met with chief executives from several South Korean companies keen on exploring investment opportunities in Malaysia, particularly in the chemical, electrical and electronics, automotive, medical devices and renewable energy industries.

During the two-day trade trip, Malaysia’s Detik Aturan and South Korea’s BC21 Co. inked a deal for EFB pellets for local power generation.

South Korean investment in Malaysia, a $300 billion economy, from 2009 to May of this year amounted to $4 billion, according to the Malaysian trade minister. That created nearly 10,000 jobs, he said. Malaysia’s annual per capital income was $10,000 last year.

By Philip Iglauer (ephilip2014@heraldcorp.com)