PM’s visit to South Korea secures RM32.8bil in potential investments

 

Prime Minister Anwar Ibrahim during a press conference after concluding his three-day official visit to South Korea. Also present were foreign minister Mohamad Hasan (left) and investment, trade and industry minister Tengku Zafrul Aziz. (Bernama pic)

PETALING JAYA: 

Prime Minister Anwar Ibrahim’s three-day working visit to South Korea, which ends today, has resulted in potential investments totalling RM32.8 billion for Malaysia.

Anwar said the visit not only strengthened bilateral relations but also created opportunities to attract high-impact investments to Malaysia, Bernama reported.

“As of now, potential investments amount to RM32.8 billion, while Malaysia’s potential exports to South Korea stand at RM1.3 billion,” he told Malaysian reporters in Seoul.

In addition to the bilateral meeting with president Yoon Suk Yeol yesterday, Anwar also held closed-door meetings with several South Korean conglomerates, including chaebols (family-owned conglomerates) that traditionally enjoy close ties with the South Korean government.

Among the companies he met were Hyundai Motor, Lotte, OCI Holdings, Samsung, SK Nexilis and POSCO.

Earlier, Hyundai Motor announced an investment of US$479 million (RM2.14 billion) in Malaysia over six years, starting next year, through a strategic partnership with Inokom for the assembly of several new automotive models.

On a separate matter, Anwar said the government had never neglected investments in Kedah and actively encouraged Hyundai Motor to invest in Kulim.

Dismissing Kedah menteri besar Sanusi Nor’s claims of a plot to block private investments in the state, the prime minister jokingly said: “I am also Kedah’s agent (in bringing foreign investments to Kedah).”

Anwar explained that despite other potential locations, the proposal for Hyundai Motor to invest in Kulim was based on the area’s infrastructure and access to export channels through Penang port and airport.

Sanusi’s claims came after Dubai-based conglomerate BZI Group withdrew from the RM40 billion Langkasuka land reclamation project in Langkawi. - FMT