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Malaysia-South Korea trade rising

Kuala Lumpur, Jan 23: Bilateral trade and investment between Malaysia and South Korea is expected to see an upsurge in coming years, given the strong cooperation between the governments of both countries and the corporate world.

The Secretary-General of the Asean-Korea Centre, Hae Moon Chung said South Korea’s strong affinity towards the Asean member countries, will further enhance the movement of goods and services between the two nations.

“Malaysia is a major strategic partner of South Korea based on natural resources and energy. Around 110 Korean companies are doing business in Malaysia.

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“As part of efforts to create a new channel for industrial cooperation both countries are now focusing on four areas, namely plants, electronics, vehicles as well as the trade and investment system,” he told Bernama.

According to Hae, the trade volume between Malaysia and South Korea had increased to US$17.598 billion last year from US$16.742 billion in 2010.

“This shows a steady trade increase between both countries, thus, highlighting the long-term trade growth prospects that we have,” he said.

South Korea’s investment in Malaysia between January and September last year was US$244 million, a two-fold increase from the same period a year ago.

Hae said the Asean-Korea Centre will be organising several trade missions to Malaysia, with specific sector in-focus, to strengthen industrial networks between Malaysia and South Korea.

“In particular, the centre has been working on trade exhibition programmes that invite outstanding companies from Asean to South Korea to help them enter the local market.

“This year, we are also planning to invite Malaysian companies to the International Furniture and Interior Fair, and the Seoul Gift Show.

“These initiatives will facilitate the access of Malaysian companies into the South Korean market more easily,” he added. — BERNAMA

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