SEOUL (Nov 26): Prime Minister Datuk Seri Anwar Ibrahim’s three-day working visit to South Korea, which ended on Tuesday, has generated potential investments worth RM32.8 billion for Malaysia.
Speaking to the media on Tuesday, he said the visit had not only strengthened bilateral ties between the two countries, but also created opportunities to attract high-impact investments into Malaysia.
In addition to the bilateral meeting with President Yoon Suk Yeol on Monday, Anwar, who is also the finance minister, held closed-door meetings with several South Korean conglomerates, including chaebols (family-owned conglomerates) that traditionally enjoy close ties with the South Korean government.
The companies he met included Hyundai Motor, Lotte, OCI Holdings, Samsung, SK Nexilis, and Posco.
“As of now, potential investments amount to RM32.8 billion, while Malaysia’s potential exports [to South Korea] stand at RM1.3 billion,” Anwar said.
Earlier, Hyundai Motor announced new investments amounting to US$479 million (RM2.14 billion) in Malaysia over a six-year period from next year through a strategic partnership with Inokom for the automotive assembly of several new models.
South Korea is Malaysia's seventh largest trading partner, while Malaysia is South Korea's 11th largest trading partner.
As of the first 10 months of this year, the countries’ bilateral trade had reached RM91.1 billion.
Among those accompanying the prime minister to South Korea was Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
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