Wednesday January 23, 2013

Malaysia-S. Korea bilateral trade upturn

There is strong cooperation between the two countries

KUALA LUMPUR: 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.

Secretary-general of the Asean-Korea Centre Chung Hae Moon said South Korea's strong affinity towards the Asean member countries, would 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. There are 110 Korean companies doing business in Malaysia.

“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 Chung, the trade volume between Malaysia and South Korea has increased to US$17.6bil last year from US$16.7bil 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$244mil, a two-fold increase from the same period a year ago.

Chung 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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