Malaysia secures RM24 billion potential investments from South Korea, says Mida
21 Mar 2023 09:53pm
International Trade and Industry Minister Datuk Seri Tengku Zafrul Aziz
The mission, led by International Trade and Industry Minister Datuk Seri Tengku Zafrul Aziz from March 14-17, was also joined by high-level officials from MITI and its agencies as well as representatives from regional development corridors and Malaysian companies.
In a statement today, the Malaysian Investment Development Authority (MIDA) said the TIM commenced with a seminar titled "Malaysia: Your Profit Centre in Asia”, which attracted more than 250 distinguished business leaders from South Korea and Malaysia.
The main aim of this mission was to attract investments from various sectors, including electrical and electronics (E&E), environmental, social and governance (ESG), transport technology, metal, hydrogen, and chemical and chemical products, it said.
MIDA chief executive officer Datuk Arham Abdul Rahman commented that this remarkable TIM achievement stands as a testament to Malaysia’s steadfast commitment to attracting top-tier investments and augmenting the participation of local companies in global supply chains.
"The longstanding strategic partnership between Malaysia and South Korea was forged through the Look East Policy over the past four decades. Thanks to this collaboration, South Korea has become one of Malaysia’s top 10 major investors.
"We are eager to welcome even more investments from the country. The focus will be on new growth areas such as high technology, innovation, knowledge-based and skills-intensive industries, which will create vast opportunities for the sustainable and green agenda advocated by both nations,” he said.
Arham noted that the Malaysian government is also placing a strong emphasis on energy and high-value manufacturing activities such as transport technology, including electric vehicles (EVs) and its ecosystem, which is poised to deliver significant economic potential and long-term sustainable growth.
SKC, POSCO Holdings, Coway and LOTTE Fine Chemical were among the companies that expressed interest in investing in Malaysia, said MIDA.
SKC is exploring the possibility of making additional investments in the EV segment in Malaysia, while POSCO Holdings is planning to develop a Carbon Capture Storage (CCS) project and further expand its steel processing plant in Malaysia to support new business segments such as EVs, batteries, and green energy, said MIDA.
As for Coway, it said that the company’s decision to establish its first manufacturing hub and research and development (R&D) facility outside South Korea demonstrates its confidence in Malaysia’s economic
fundamentals and conducive business environment.
On the other hand, MIDA shared that LOTTE Fine Chemical had proposed a project that will further enhance local production capabilities, support the transition of industries’ value chains to the next level, and create more high-income and knowledge-intensive jobs.
In 2022, MIDA announced approved investments in various economic sectors totalling RM264.6 billion (US$59.9 billion).
Of this amount, it said a total of 15 manufacturing and services projects under MIDA’s purview with South Korean participation had been approved with a total investment worth US$1.42 billion.
These projects generated potential employment for 1,389 people and South Korea is now ranked as the seventh largest foreign investor in terms of approved investments for 2022, MIDA said.
The continuous investments by investors from South Korea validate the success of the nation’s ongoing efforts in attracting quality investments and in enhancing the participation of local companies in a high-value global supply chain, it said.
"The strong interest shown by South Korean companies garnered during the mission serves as a major catalyst in expanding the bilateral trade and investment relations, most notably in areas that support the
sustainable and green agenda advocated by both nations,” MIDA added. -Bernama
