SOUTH KOREA "HAND-IN-HAND" TO GUIDE MALAYSIA TOWARDS SUCCESS

From Siti Hawa Othman

SEOUL, April 8 (Bernama) -- "Hand-in-hand", the official 1988 Seoul Olympics
theme song, best describes the relationship that South Korea seeks with Malaysia
and become partners in this resource-hungry competitive world.

The surge in South Korean interests to invest in Malaysia is a reflection of
the seriousness of their major corporations to partner Malaysia's in their
future endeavours.

The republic, which has no natural resources, is technologically advanced
while Malaysia has been blessed with abundant natural resources.

Hence both are destined to be the perfect partners to move into the future
together.

As such, Prime Minister Najib Razak's visit to South Korea from Apr 4-6,
2011 was seen to be successful in its ability to garner the interest of the
republic’s corporate world towards the opportunities that Malaysia could offer.

Najib said major Korean companies were interested in new investments and
expansion in Malaysia which were expected to amount to over RM5 billion in the
next three years.

Currently, South Korea is the seventh largest foreign investor in Malaysia
with manufacturing investments todate totalling RM8.69 billion, providing
jobs for 61,637 people.

Besides meeting South Korean President Lee Myung-Bak, Najib also met with
the country's "chaebols", or conglomerates, LG V-ENS, Hyundai Motors, Lotte
Group, as well as a visit to the research centre of OCI Group, the world’s third
largest polysilicon maker.

OCI, through its unit, Elpion Silicon Sdn Bhd, will invest in a plant in
Banting to produce "metallurgical grade silicon", a product needed for the
manufacture of solar cells.

Lotte Group, whose unit, Honam Petrochemicals, had acquired Titan Chemicals
in Johor, will be looking for land in Malaysia for a hotel complex together with
departmental store and hyper market.

Najib’s meeting with the government think-tanks -- Korean Development
Institute and Korean Institute of Industrial Technology -- also showed
Malaysia’s eagerness to study future growth areas where both countries could
collaborate.

At the same time, South Korea’s enthusiasm to do business with Malaysians
was seen in the well-received business roundtable meeting and an investment
seminar on "Business Opportunities in Malaysia" arranged by the Malaysian
Industrial Development Authority.

Over 500 participants attended the seminar.

The chairman of the Korea Chamber of Commerce and Industry, Sohn Kyung-Shik,
said that the businessmen present showed strong interest in Malaysia.

Sohn said South Korea was highly competitive, especially in achieving
economic growth in a much faster time, and Malaysia could could capitalise on
this to achieve its own vision.

At the business roundtable, he said, both Malaysia and South Korea had their
own success stories in recovering from the 1997/98 Asian financial crisis,
whereby Seoul has turned the crisis into opportunities for further development.

Following that, he said, both South Korea and Malaysia had become the
economic models for North Asia and South-East Asia respectively, and as such the
partnership should go beyond this now.

South Korea's Minister of Knowledge Economy, Choi Joong-Kyung, said Malaysia
and South Korea could become the best of partners in having consistent and
transparent policies.

In his meeting with Minister of International Trade Industry Datuk Seri
Mustapa Mohamed, they discussed having working groups to enhance bilateral
cooperation between both countries as well as the creation of a roadmap to
provide a new direction towards this endeavour.

Choi reflected on South Korea’s seriousness in such a partnership by quoting
a Zimbabwean proverb -- If you want to go fast, you go alone. If you want to go
far, you should go together.

South Korea, which has always been part of Malaysia's "Look East" Policy,
has proven its prowess with its "never say die" attitude and being highly
competitive, had excelled globally, not only economically, but in many other
fields as well.

South Korea, with its competitive spirit, will always be there
"hand-in-hand" to thrive and guide Malaysia towards its success.