Malaysian PM Anwar's Visit To South Korea Yields RM32.8 Bln In Potential Investments

SEOUL, Nov 26 (Bernama) -- Prime Minister Menteri Anwar Ibrahim’s three-day working visit to South Korea, which ends Tuesday, has generated potential investments worth RM32.8 billion for Malaysia.

Speaking to the media Tuesday, he said the visit has not only strengthened bilateral ties between the two countries but has also created opportunities to attract high-impact investments into Malaysia.

In addition to the bilateral meeting with President Yoon Suk Yeol yesterday, 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 starting 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.

For the first 10 months of this year, the countries’ bilateral trade reached RM91.1 billion (US$19.8 billion).

Among those accompanying the Prime Minister to South Korea was Investment, Trade and Industry Minister Tengku Zafrul Abdul Aziz. 

-- BERNAMA