Prime Minister YAB Dato’ Seri Anwar Ibrahim’s Official Visit to The Republic of Korea

Prime Minister YAB Dato’ Seri Anwar Ibrahim has undertaken an Official Visit to the Republic of Korea (ROK) from 24 to 26 November 2024. This visit, his first to South Korea since assuming office in November 2022, was accompanied by key ministers including the Minister of Foreign Affairs Dato’ Seri Utama Haji Mohamad Haji Hasan; Minister of Investment, Trade and Industry Tengku Datuk Seri Utama Zafrul Tengku Aziz and other senior officials including Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid the Chief Executive Officer of MIDA.

Since the establishment of diplomatic relations in 1960, the ROK and Malaysia have worked together to establish close ties and cooperation in a wide range of areas; including politics, security, trade and investment, environment, energy, education, tourism, and, people-to-people exchanges. During a bilateral meeting at the Yongsan Presidential Office, Prime Minister Anwar and President Yoon Suk Yeol reaffirmed their commitment to mutual growth, witnessing the signing of three critical Memoranda of Understandings (MoUs) on:

1. Cooperation in the Field of Higher Education;
2. Cooperation in the Field of Carbon Capture and Storage; and
3. Cooperation in Cooperative Approaches Under Article 6, Paragraph 2 of the Paris Agreement

A highlight of the visit was the economic engagements organised by MITI, MIDA and MATRADE, including a C-Suite Insight Meeting, Business Forum and one-on-one meeting with investors. Over 200 participants from 147 South Korean firms, representing sectors like semiconductors, EVs, and AI, explored Malaysia’s vast business and investment opportunities.

Addressing the business forum, Prime Minister YAB Dato’ Seri Anwar Ibrahim invited Korean investors to explore the various business and investment opportunities available in Malaysia and to collaborate in efforts to boost and achieve mutual prosperity.

As at June 2024, a total of 392 manufacturing projects with Korean participation have been implemented with total investments worth RM43.10 billion (USD11.50 billion). In 2023, the Republic of Korea (ROK) was Malaysia’s 8th largest trading partner with a value amounting to RM111.07 billion (USD24.35 billion). Malaysia was ROK’s third largest trading partner among ASEAN Member States and 12th largest globally.

The visit is expected to strengthen Malaysia-ROK relations as both nations approach 65th anniversary of diplomatic ties in 2025. MIDA is ever ready to support and assist Korean companies in executing their investment plans in Malaysia.