MITI Sees Success In South Korea Mission

The Ministry of International Trade and Industry (MITI) successfully secured RM24 billion in potential investments and RM4.24 billion in potential exports during a recent Trade and Investment Mission to the Republic of Korea (ROK). Led by MITI Minister YB Senator Tengku Datuk Seri Utama Zafrul Aziz from March 14-17, 2023, the mission aimed to attract quality investments and enhance local companies’ participation in higher value global supply chains.

Tengku Zafrul met with H.E. Dukgeun Ahn, Minister for Trade of the Ministry of Trade, Industry and Energy (MOTIE) ROK, to discuss the resumption of bilateral free trade agreement negotiations, the formation of a Ministerial Trade Cooperation Dialogue, and potential cooperation in the digital and green economies, renewable energy, supply chains, and economic cooperation under the Indo Pacific Economic Framework (IPEF) and Regional Comprehensive Economic Partnership (RCEP).

The mission’s focus on sustainable and green technology sectors, such as Carbon Capture Storage, Hydrogen Energy, and Electric Vehicles, aims to boost Malaysia’s economic competitiveness. Notable investment projects discussed during the mission include those by Samsung Engineering, SKC, Lotte Fine Chemicals, Hyundai, COWAY, and a consortium of Korean companies. Lotte Energy Materials, Samsung Engineering, and POSCO Holdings also committed to new investments in Malaysia, ensuring technology transfer, high-value job creation, talent development, ecosystem creation, and collaboration with local universities and industries, particularly SMEs.

A business seminar in Seoul attracted over 250 industry leaders from both Malaysia and the ROK, showcasing Malaysia’s pro-trade and pro-investment policies and opportunities for Korean companies. Over 150 individual business meetings were arranged between Korean and Malaysian companies.

The mission also featured a Venture Capital (VC) Investors Roundtable, where over 20 Korean VC investors expressed interest in locating their robotics and AI-based businesses in Malaysia. Tengku Zafrul witnessed the exchange of four MOUs, with a few Korean VCs committing to invest up to US$400 million in Malaysia.