Energy-related Sector Among Potential Investments Raked In From PM's Official Visit To S. Korea - MITI

KUALA LUMPUR, Nov 26 (Bernama) -- The investment potential generated from Prime Minister Datuk Seri Anwar Ibrahim's official visit to South Korea is related to the electric vehicle sector, metals for electric vehicle applications, bio-pharmaceuticals, green technology, and the carbon capture and storage sector, said the Ministry of Investment, Trade, and Industry (MITI) today.

Its Minister, Datuk Seri Tengku Zafrul Tengku Aziz, said the list of investments would be announced later.

As for export potential, products to be imported by South Korea from Malaysia include palm oil, biofuels, food products, and materials for use in the franchise industry such as industrial gloves.

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Tengku Zafrul said South Korea is an important trade partner and one of the major investors in Malaysia.

"Therefore, we welcome the potential investment of RM32.8 billion, as well as the export potential of RM1.3 billion from South Korean companies, which will certainly deepen the Malaysia-South Korea trade and investment relations," he said in a statement today.

He added that Malaysia welcomes cooperation in various new and high-potential fields such as automotive, renewable energy, green technology, halal industry, advanced manufacturing, and artificial intelligence, especially with the diplomatic relationship upgraded to strategic partnership.

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This cooperation will enable Malaysia to seize new opportunities and achieve the objectives of the New Industrial Master Plan 2030, which is expected to have a positive impact on the economy, he said.

Meanwhile, MITI said the ministry through Malaysia External Trade Development Corporation (MATRADE) had organised the participation of nine Malaysian companies and one business chamber in the official visit to South Korea.

Additionally, 50 business matching programmes were arranged, enabling Malaysian and South Korean companies build business cooperation and collaboration in the future.

During the Prime Minister’s official visit to South Korea, Tengku Zafrul also held a bilateral meeting with the South Korean Minister of Trade, Ministry of Trade, Industry, and Energy, Cheong Inkyo, to discuss various issues, including the status of negotiations for the Malaysia-Korea Free Trade Agreement, which is expected to be finalised next year.

Both Ministers also witnessed the exchange of three memoranda of understanding between Malaysian and South Korean companies in the fields of trade promotion, information and communications technology, and hydrogen and smart city development. 

In terms of foreign investment, South Korea has been one of the key investor countries in the manufacturing sector since the 1980s.

As of June 2024, the total value of investments with participation from South Korea involved 399 projects worth RM43.9 billion (US$11.7 billion), creating 49,234 job opportunities.

Of this investment, the manufacturing sector accounts for 392 projects worth RM43.1 billion (US$11.5 billion), while the services sector involves seven projects worth RM800 million (US$183.3 million).

-- BERNAMA