Malaysian Minister of International Trade and Industry Dato Sri Mustapa Mohamed (left) and Minister of Trade, Industry and Energy Joo Hyung-hwan discuss ways to expand trade and investment between Korea and Malaysia, in Seoul on April 14. (Ministry of Trade, Industry and Energy)
By Lee Hana and Sohn JiAe
Korea and Malaysia have discussed ways to expand bilateral trade and investment.
On April 14, Minister of Trade, Industry and Energy Joo Hyung-hwan held talks with his Malaysian counterpart Minister of International Trade and Industry Dato Sri Mustapa Mohamed in Seoul.
During the talks, the two ministers agreed to accelerate negotiations on a Korea-ASEAN free trade agreement (FTA) this year. “The Malaysian government will cooperate on submitting a wish list of items as soon as possible,” said the Malaysian minister.
The two sides agreed on the need to speed up negotiations on the Regional Comprehensive Economic Partnership (RCEP) so as to expand trade and investment in the Asia Pacific. To this end, the ministers vowed to accelerate RCEP negotiations, in particular on market access, at the next meeting set to be held in Manila from May 8 to 12. Based on things to be agreed upon at the Manila talks, the governments will materialize their partnership, and deal with issues such as goods, services and investment.
“We appreciate the fact that ASEAN member states have a strong willingness to complete the RCEP agreement this year, and they're actively engaged in negotiations,” said the Korean minister. “To finalize the agreement as soon as possible, hopefully, the Malaysian government will play a leading role in the process,” he said.
As for the Malaysia-Singapore high speed rail (HSR) project, worth about USD 1.5 billion, and the building of a new combined cycle gas turbine (CCGT) plant in Pulau Indah, Malaysia, worth about USD 750 million, the minister called on the Kuala Lumpur government to show more support for helping Korean businesses join in the construction projects.
“We welcome Korean firms, armed with their excellent construction experience and technologies, and hope they get involved in our HSR project,” said the Malaysian minister. “My goal in visiting Korea today is to attract more Korean businesses to Malaysia. We will continue to work to make it easier for Korean companies to invest in our projects and to conduct business in our nation,” he said.
hlee10@korea.kr
