ID :
91753
Thu, 11/26/2009 - 15:42
Auther :
Shortlink :
https://oananews.org//node/91753
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CALL FOR MALAYSIAN-KOREAN BUSINESSES TO CAPITALISE ON EACH OTHER`S STRENGTH
KUALA LUMPUR, Nov 26 (Bernama) -- Malaysian and South Korean businesses
should capitalise on each other's strength to ensure continued success in
bilateral trade and investment.
International Trade and Industry Minister Mustapa Mohamed, in making
the call, said South Korea has vast experience in the high technology sector
which the Malaysian government was placing emphasis.
"Perhaps this is one area where Korean entrepreneurs, research and
development specialists and private sector players can work collaboratively with
the Malaysian business community to gain mutual benefits," Mustapa said at the
launch of the Korean Chamber of Commerce Malaysia here Wednesday.
"The Malaysian government is keen to see Malaysia transform more quickly
into technologically advanced nation and therefore it has developed the
necessary policies, cyberlaws and infrastructure to facilitate this process," he
said.
Mustapa said Malaysia, being an export-based economy, placed a premium on
effective trade liberalisation and has unilaterally reduced tariffs.
"A majority of products entering Malaysia can do so at zero duty," he said.
For the 1999 to 2008 period, total trade between Malaysia and South Korea
showed an upward trend with an average annual growth of 11.7 per cent.
Malaysia's trade with South Korea expanded by 121.8 per cent from US$5.94
billion in 1999 to US$15.1 billion in 2008.
Imports from South Korea rose by 86.5 per cent to US$7.3 billion in 2008
from US$3.4 billion in 1999, while Malaysia's exports to South Korea in 2008
totalled US$7.8 billion, up by 169.6 per cent from US$2.5 billion in 1999.
Going forward, he said the establishment of the chamber was timely as the
Asean-Korea Free Trade Agreement will be realised for the Asean-6 countries as
well as South Korea.
Both Malaysia and South Korea have also made commitment to progressively
liberalise their services regime, including through the relaxation of equities
restrictions, which is expected to translate into freer investment cross-flows
and movement of people within the region.
-- BERNAMA
should capitalise on each other's strength to ensure continued success in
bilateral trade and investment.
International Trade and Industry Minister Mustapa Mohamed, in making
the call, said South Korea has vast experience in the high technology sector
which the Malaysian government was placing emphasis.
"Perhaps this is one area where Korean entrepreneurs, research and
development specialists and private sector players can work collaboratively with
the Malaysian business community to gain mutual benefits," Mustapa said at the
launch of the Korean Chamber of Commerce Malaysia here Wednesday.
"The Malaysian government is keen to see Malaysia transform more quickly
into technologically advanced nation and therefore it has developed the
necessary policies, cyberlaws and infrastructure to facilitate this process," he
said.
Mustapa said Malaysia, being an export-based economy, placed a premium on
effective trade liberalisation and has unilaterally reduced tariffs.
"A majority of products entering Malaysia can do so at zero duty," he said.
For the 1999 to 2008 period, total trade between Malaysia and South Korea
showed an upward trend with an average annual growth of 11.7 per cent.
Malaysia's trade with South Korea expanded by 121.8 per cent from US$5.94
billion in 1999 to US$15.1 billion in 2008.
Imports from South Korea rose by 86.5 per cent to US$7.3 billion in 2008
from US$3.4 billion in 1999, while Malaysia's exports to South Korea in 2008
totalled US$7.8 billion, up by 169.6 per cent from US$2.5 billion in 1999.
Going forward, he said the establishment of the chamber was timely as the
Asean-Korea Free Trade Agreement will be realised for the Asean-6 countries as
well as South Korea.
Both Malaysia and South Korea have also made commitment to progressively
liberalise their services regime, including through the relaxation of equities
restrictions, which is expected to translate into freer investment cross-flows
and movement of people within the region.
-- BERNAMA
