MIDA eyes more investments in advanced tech from South Korea

KUALA LUMPUR: The Malaysian Investment Development Authority (MIDA) is hoping to attract more investments from South Korea, especially in the advanced technology industry.

Chief executive officer Datuk Azman Mahmud said the target would likely be realised with the signing of a Memorandum of Understanding (MoU) between MIDA and the Korea Trade Investment Promotion Agency (KOTRA) yesterday.

“Malaysia is attracting foreign direct investments that fulfils the country’s aspirations of becoming a developed nation. The country is going full speed into the knowledge and digital economy.

“As South Korea is well known for its advanced technologies, particularly robotics, we hope to get more of such investments in these areas (moving forward),” he told reporters after the MoU signing ceremony here today.

As at September 2018, South Korea’s investments in Malaysia in the manufacturing sector stood at US$9.7 billion (US$1=RM4.08), involving 557 companies.

Azman said with the partnership, MIDA would be able to leverage KOTRA’s establishments, which comprised 10 regional headquarters and 124 overseas centres in 86 countries, thus providing more rewarding connections for business communities in both countries.

“This mutually beneficial partnership includes information exchange on investment environments, opportunities and promotional activities, as well as best practices of investment promotion,” he added.

On Thursday, MIDA and the Korea Chamber of Commerce and Industry will jointly organise the Malaysia-Korea Business Forum, which is expected to be attended by 400 participants, mostly Korean businessmen.