How will the trade mission strengthen economic ties between Malaysia and South Korea?

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Trade Mission to Seoul Aims to Deepen Malaysia-South Korea Economic Partnership

A trade and investment mission led by Malaysia's International Trade and Industry Minister, Tengku Datuk Seri Zafrul Abdul Aziz, is set to visit Seoul from March 14 to 17 with the primary objective of fortifying economic ties between Malaysia and South Korea. This initiative is a key component of the Ministry of International Trade and Industry's (Miti) ongoing strategy to position Malaysia as a preferred investment destination for South Korean enterprises and to promote Malaysian products and services within the Korean market. The mission will specifically target high-technology and high value-added sectors, including smart manufacturing, artificial intelligence (AI), digitalization, and renewable energy, reflecting a focus on future-oriented industries.
Bilateral Engagements to Address Key Economic Issues

During the mission, Minister Tengku Zafrul is scheduled to hold a bilateral meeting with his South Korean counterpart, Trade Minister Dukgeun Ahn. This high-level discussion will serve as a platform to deliberate on a range of bilateral matters, explore avenues for enhanced regional economic cooperation, and identify collaborative efforts on pressing global issues of mutual interest. The engagement underscores a commitment to direct dialogue for strengthening the economic relationship.
Promoting Malaysia as an Investment and Trade Hub

Miti will organise a seminar in Seoul specifically designed for a South Korean audience. This seminar will provide comprehensive insights into Malaysia's trade and investment landscape, detailing the facilitative measures the Malaysian government offers to foreign companies. Furthermore, the event will feature sharing sessions where established Korean companies operating in Malaysia will recount their experiences, offering practical perspectives on doing business in the country.
Facilitating Direct Business Connections

The trade mission will include targeted business meetings with prominent South Korean companies that have expressed interest in expanding their operations or investing in Malaysia. Complementing these meetings, business matching sessions will be arranged to directly connect potential South Korean investors and importers with relevant Malaysian agencies, including state investment promotion bodies and regional development corridors, as well as Malaysian businesses and exporters. These sessions are crucial for forging concrete partnerships and facilitating trade flows.
Highlighting Existing Economic Contributions

The mission takes place against the backdrop of significant existing economic ties. In 2022, South Korea stood as Malaysia's eighth-largest trading partner, with a total trade volume reaching RM114.55 billion. Moreover, South Korea has consistently been a leading source of foreign direct investment (FDI) for Malaysia's manufacturing sector. As of June 2022, 374 manufacturing projects worth US$9.2 billion had been implemented, creating substantial employment opportunities with 46,260 jobs generated.

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How will the trade mission strengthen economic ties between Malaysia and South Korea?

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