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Tim Korea

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MEDIA RELEASE

MITI SECURES RM24 BILLION POTENTIAL INVESTMENTS AND RM4.24

BILLION POTENTIAL EXPORTS FROM MISSION TO SOUTH KOREA
______________________________________________________________

The Ministry of International Trade and Industry (MITI), successfully secured a

total of RM24 billion potential investment and RM4.24 billion of potential
exports of products and services, through the recently concluded Trade and
Investment Mission to the Republic of Korea (ROK). The Mission, led by MITI
Minister, YB Senator Tengku Datuk Seri Utama Zafrul Aziz from 14 – 17
March 2023, was part of MITI’s continuous efforts in attracting quality
investments and enhancing participation of local companies in higher value
global supply chain.

During the Mission, Tengku Zafrul had a bilateral meeting with his counterpart,
H.E. Dukgeun Ahn, Minister for Trade, Ministry of Trade, Industry and Energy
(MOTIE) ROK, to discuss, among others, the proposed resumption of bilateral
free trade agreement negotiation between both countries; the formation of a
Ministerial Trade Cooperation Dialogue; as well as potential cooperation in
digital economy, green economy, renewable energy, supply chain and
economic cooperation under the platform of the Indo Pacific Economic
Framework (IPEF) and Regional Comprehensive Economic Partnership
(RCEP). The Mission also featured a business seminar, a reception and a
Venture Capital (VC) Investors’ Round.

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Tengku Zafrul said, “The strong interest shown by Korean companies garnered
during the Mission is a major catalyst for expanding Malaysia-South Korea
bilateral trade and investment relations, particularly in the sustainable and green
technology sectors, such as Carbon Capture Storage, Hydrogen Energy and
Electric Vehicle. Malaysia’s economic competitiveness in the future will depend
on whether we can secure access to and master green technology. Therefore, it
is crucial for Malaysia to work with investors that can help us unlock growth in
areas that support our sustainable agenda. I hope South Korea can work closely
with us on this, as we chart a more resilient journey together for the challenges
ahead.”

Among the new investment projects deliberated during the mission were by
Samsung Engineering, SKC, Lotte Fine Chemicals, Hyundai, COWAY and a
consortium of Korean companies. Lotte Energy Materials, Samsung Engineering
and POSCO Holdings have also expressed their commitment to inject new
investments in Malaysia, as well as ensure the transfer of new technology,
high-value job creation, talent development, ecosystem creation and collaboration
with local universities and industries, particularly among small and medium
enterprises (SMEs). This is a manifestation of Malaysia’s earnest effort towards
attaining sustainable and inclusive economic growth objectives under the New
investment Policy (NIP).

A business seminar was also held in Seoul, which attracted more than 250
captains of industry from both Malaysia and the ROK. One of key programs of the
Mission, the business seminar provided an update of Malaysia’s pro-trade and
pro-investment policies, as well as opportunities in Malaysia for Korean
companies to further explore. Apart from the seminar, more than 150 individual
business meetings were also arranged between Korean companies and
Malaysian business delegation.

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Another key feature of the Mission was the Venture Capital (VC) Investors
Roundtable which was chaired by Tengku Zafrul and participated by more than 20
Korean VC investors, who indicated interests to locate their robotics and
AI-based businesses in Malaysia. Tengku Zafrul also witnessed the exchange of
four memorandum of understanding (MOUs) which saw a few Korean VCs’
displayed their commitment to invest up to US$400 million in Malaysia.

To commemorate the 40th Anniversary of the Look East Policy (LEP) between
Malaysia and the ROK this year, MITI and the Embassy of Malaysia in Seoul,
organised a Reception which was graced by H.E. Park Jin, Minister of Foreign
Affairs of the ROK and the Vice Minister, H.E. Lee Do-hoon. Well attended by the
business community and government officials from both countries as well as
Malaysian professionals and students in the ROK, the reception provided a
glimpse of LEP initiated by Malaysia in 1983.

In 2022, the ROK stood as the eighth largest trading partner for Malaysia with
total trade amounting to RM114.21 billion (USD25.94 billion), an increase of
29.3% compared to RM88.31 billion (USD21.01 billion) in 2021. In terms of
investment, the ROK has been one of Malaysia’s top sources of Foreign Direct
Investment (FDIs) for the manufacturing sector. As of June 2022, a total of 374
projects worth USD9.2 billion (RM32.9 billion) have been implemented,
generating 46,260 jobs.

MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY

19 MARCH 2023

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About MITI:
MITI is the key driver in making Malaysia the preferred destination for quality
investments and enhancing the nation's rising status as a globally competitive
trading nation. Its objectives and roles are oriented towards ensuring Malaysia’s
rapid economic development and help achieve the country's stated goal of
becoming a developed nation.

Media enquiries:
Strategic Communications Unit, MITI
Tel. : 03-62000083
Fax : 03-62064293
Email : [email protected]