South Korean President Moon's Visit Enhances Bilateral Trade - Malaysian Minister

SEPANG (Selangor, Malaysia), March 14 (Bernama) -- The three-day state visit to Malaysia by South Korean President Moon Jae-in is seen as bringing a positive impact besides opening a new chapter in bilateral trade ties between Kuala Lumpur and Seoul. International Trade and Industry Minister Darell Leiking said President Moon himself gave his assurance that his country would increase trade with Malaysia. “President Moon gave confirmation and promise to Malaysia that he would examine a plan to boost trade with them and that they would buy our products. “This is a good and positive sign from South Korea,” he said after accompanying Moon and his wife Kim Jung-sook at the Kuala Lumpur International Airport (KLIA). Two-way trade between Malaysia and South Korea rose 7.2 per cent last year to US$17.98 billion (RM72.60 billion) from US$15.76 billion (RM67.71 billion) in 2017. In 2018, South Korea was Malaysia’s eighth largest trading partner and 13th largest source of foreign direct investment (FDI), while Malaysia was the republic’s 14th biggest trading partner. Darell said Moon also expressed his gratitude to Malaysia for showing understanding for the republic’s wish to refine the Free Trade Agreement (FTA) between the two countries. “We are hoping to get a good FTA with South Korea at the end of this year,” he said. Darell said Moon and his wife also expressed pleasant surprise at the great honour accorded to them throughout their visit to Malaysia which began on Tuesday. “President Moon is happy and proud that Malaysia warmly welcomed him and the accompanying delegation. He is very happy to have met our leader and Prime Minister Dr Mahathir Mohamad,” he said. Meanwhile, Foreign Minister Saifuddin Abdullah said over the next few years, Malaysia would focus on, among others, boosting economic and diplomatic ties with the republic. “Korea is the coordinator for ASEAN, and we have ideas to jointly develop ASEAN, for instance the ASEAN market, making ASEAN a production hub, including for manufacturing which is Korea’s main strength,” he said. Saifuddin said Malaysia also intends to bring more FDI from South Korea especially into the halal industry, noting that one of the memorandums of understanding signed between the two countries involves the halal industry. “Another of our focus areas is palm oil, we hope South Korea will buy more palm oil, and President Moon during the bilateral discussions showed an understanding of the problems we face in Europe,” he said. According to Wisma Putra (Malaysia's Foreign Ministry), the last visit to Malaysia by a South Korean president was by President Lee Myung-bak on Dec 9-10, 2010, to commemorate the 50th anniversary of diplomatic relations between the two nations. -- BERNAMA