Senior Minister and Minister of International Trade and Industry (MITI), Mohamed Azmin Ali will lead a trade and investment mission to the Republic of Korea (ROK) and Japan from tomorrow to April 6.
Azmin is scheduled to have bilateral meetings with his counterparts, Minister for Trade ROK, H.E. Yoo Myung-hee, in Seoul, and Minister for Economy, Trade and Industry, Japan in Tokyo, H.E. Kajiyama Hiroshi.
According to MITI, the meetings will concentrate on bilateral issues and collaboration on mutually beneficial initiatives, as well as the promotion of business relations to facilitate the growth of bilateral trade and investment.
MITI said that Azmin will take the opportunity to brief his counterparts on the Government’s latest decisions especially regarding Malaysia’s National Investment Aspirations (NIA), the nation’s new investment policy to attract quality and technological investment.
“The NIA will navigate Malaysia towards a regional investment hub with a view to increasing economic complexity, creating high-value jobs, extending domestic linkages, developing new and existing clusters, and improving inclusivity.
“Malaysia’s latest investment strategies will provide the momentum needed to pursue high-tech and sustainable investments, as well as to intensify innovation, striking a balance between economic and environmental sustainability while reducing reliance on foreign labour, in compliance with global benchmarks in climate, social, and governance (ESG),” according MITI in their statement.
Azmin will also address Malaysia’s ongoing efforts to revitalise its long-term growth by investing in human resources, enhancing total factor efficiency, and rising competitiveness.
“Coupled with the setting up of the National Employment Council, these efforts are aimed at revisiting the investment eco-system and promote inclusivity by creating high skills and high paying jobs.
“One-to-one business meetings will be held with prominent Korean and Japanese companies as well as potential investors to explore new areas of business collaboration, specifically in new and emerging industries, such as 5G, aerospace, renewable technology, thin-technology, Internet of Things (IoT) and Artificial Intelligence,” said MITI.
MITI further stated that given Malaysia’s long-standing bilateral relationships with the Republic of Korea and Japan, the mission will concentrate on understanding the ROK and Japan’s strategic advantages in high-tech industries, smart manufacturing, digitalisation, and cutting-edge industries.
Japan was ranked as Malaysia’s 4th largest overall global trading partner in 2020 and the total trade between both countries were recorded at RM122.73 billion (US$29.27 billion) with Malaysia’s exports to Japan amounted to RM61.69 billion (US$14.72 billion) and imports value totalled RM61.04 billion (US$14.55 billion).
Meanwhile, the ROK is Malaysia’s 7th largest trading partner and 7th largest foreign investor in the manufacturing sector for implemented projects in 2020.
The total trade between both countries stood at RM79.78 billion (US$18.93 billion). The total exports to ROK amounted to RM34.57 billion (US$8.24 billion) while imports value was at RM45.21 billion (US$10.69 billion)
