Tengku Zafrul to lead Miti trade mission to S. Korea from tomorrow till March 17

Mission focus and delegation

International Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz will lead a trade and investment mission to Seoul from 14-17 March, aimed at strengthening economic ties with South Korea as part of MITI's ongoing push to position Malaysia as the investment destination of choice for Korean businesses, and to promote Malaysian products and services in the Korean market.

The mission will focus on high-tech, high value-added sectors — smart manufacturing, artificial intelligence, digitalisation, and renewable energy — with an official delegation comprising senior officials from MITI, the Malaysian Investment Development Authority (MIDA), Malaysia External Trade Development Corporation (MATRADE), state investment promotion agencies, regional development corridors, and Malaysian companies.

Mission programme in Seoul

Tengku Zafrul will hold a bilateral meeting with South Korean Trade Minister Dukgeun Ahn covering bilateral issues, regional economic cooperation, and joint approaches to emerging global challenges. MITI will also host a seminar briefing South Korean businesses on Malaysia's trade and investment climate and the government support available to Korean companies planning to invest, alongside experience-sharing sessions from Korean firms already doing business in Malaysia and targeted meetings with prominent Korean companies interested in investing or expanding there. Business-matching sessions will also connect potential Korean investors and importers with Malaysian state investment agencies, development corridors, businesses and exporters.

Malaysia-South Korea trade and investment

South Korea was Malaysia's eighth-largest trading partner in 2022, with total trade reaching RM114.55 billion (US$26.01 billion) — up 29.7% from RM88.31 billion (US$21.01 billion) in 2021. South Korea also ranks among Malaysia's top sources of manufacturing FDI, with 374 projects worth US$9.2 billion (RM32.9 billion) implemented and 46,260 jobs created as of June 2022.

Source: New Straits Times (Bernama)