ID :
147884
Fri, 10/29/2010 - 05:55
Auther :
Shortlink :
https://oananews.org//node/147884
The shortlink copeid
KOREAN INVESTMENTS CONTINUING TO RISE, SAYS MIDA
KUALA LUMPUR, Oct 28 (Bernama) -- Malaysia is beginning to see a surge in
South Korean investments as approved investments in the manufacturing sector
rose 130 per cent to US$133.2 million last year.
Malaysian Industrial Development Authority (MIDA) director-general Jalilah
Baba said the investments climbed despite the difficult economic
conditions experienced by the global economy in 2009.
"In addition to investment in greenfield projects, we are also seeing a
significant surge in interest by Korean companies in merger and acquisition
activities during the first half of 2010," she told reporters after a networking
reception between MIDA and the Korean Chamber of Commerce Malaysia (Kocham
Malaysia) here Thursday.
The event was held in conjunction with the Kocham Malaysia seminar on "Deep
Understanding of Malaysia Labour Laws and Regulations".
Jalilah said SK Telecom recently invested US$100 million, acquiring a 25.8
per cent stake in Packet One Networks, a subsidiary of Green Packet Bhd which is
listed in Bursa Malaysia.
She said Honam Petrochemical, which is part of South Korean
conglomerate-Lotte Group has acquired a 72.3 per cent stake in Titan Chemical
Corp, valued at US$918 million, also a public-listed company.
"These two large investments by Korean companies lately indicate the arrival
of Korean chaebols in Malaysia besides Samsung, the largest Korean investor
which has been operating in Malaysia since 1979," she added.
Jalilah said MIDA will facilitate if there is interest in the financial and
banking sector from Korean companies.
"Although we do not have the authority in this area but we network very well
with Bank Negara Malaysia," she said.
Jalilah said Malaysia was also seeing a growing interest in contacts and
communications between Koreans and Malaysians as figures showed that more than
227,000 Koreans visited Malaysia last year.
"I understand that more than 20,000 Koreans are now living in Malaysia with
about 3,000 of them pursuing higher education," she said.
Kocham Malaysia's vice chairman, head of information technology (IT) and
venture committee, Baek Seung Ryul, said the Korean business community will
focus on five sectors -- IT and biotechnology, solar and renewable energy,
natural resources, especially oil and gas, tourism, and education.
Baek said that Samsung was considering investing in LED technology in
Seremban while Woongjin Energy Co had expressed an interest to invest.
"We hope the government will address issues such as gas supply availability,
levy on foreign workers and land," he said.
Kocham Malaysia is established to facilitate Korean-Malaysian economic
cooperation and trade by sharing information and building good will between both
business communities.
-- BERNAMA
South Korean investments as approved investments in the manufacturing sector
rose 130 per cent to US$133.2 million last year.
Malaysian Industrial Development Authority (MIDA) director-general Jalilah
Baba said the investments climbed despite the difficult economic
conditions experienced by the global economy in 2009.
"In addition to investment in greenfield projects, we are also seeing a
significant surge in interest by Korean companies in merger and acquisition
activities during the first half of 2010," she told reporters after a networking
reception between MIDA and the Korean Chamber of Commerce Malaysia (Kocham
Malaysia) here Thursday.
The event was held in conjunction with the Kocham Malaysia seminar on "Deep
Understanding of Malaysia Labour Laws and Regulations".
Jalilah said SK Telecom recently invested US$100 million, acquiring a 25.8
per cent stake in Packet One Networks, a subsidiary of Green Packet Bhd which is
listed in Bursa Malaysia.
She said Honam Petrochemical, which is part of South Korean
conglomerate-Lotte Group has acquired a 72.3 per cent stake in Titan Chemical
Corp, valued at US$918 million, also a public-listed company.
"These two large investments by Korean companies lately indicate the arrival
of Korean chaebols in Malaysia besides Samsung, the largest Korean investor
which has been operating in Malaysia since 1979," she added.
Jalilah said MIDA will facilitate if there is interest in the financial and
banking sector from Korean companies.
"Although we do not have the authority in this area but we network very well
with Bank Negara Malaysia," she said.
Jalilah said Malaysia was also seeing a growing interest in contacts and
communications between Koreans and Malaysians as figures showed that more than
227,000 Koreans visited Malaysia last year.
"I understand that more than 20,000 Koreans are now living in Malaysia with
about 3,000 of them pursuing higher education," she said.
Kocham Malaysia's vice chairman, head of information technology (IT) and
venture committee, Baek Seung Ryul, said the Korean business community will
focus on five sectors -- IT and biotechnology, solar and renewable energy,
natural resources, especially oil and gas, tourism, and education.
Baek said that Samsung was considering investing in LED technology in
Seremban while Woongjin Energy Co had expressed an interest to invest.
"We hope the government will address issues such as gas supply availability,
levy on foreign workers and land," he said.
Kocham Malaysia is established to facilitate Korean-Malaysian economic
cooperation and trade by sharing information and building good will between both
business communities.
-- BERNAMA
