Malaysia’s economic transformation programme (ETP) is the most promising area of economic cooperation with South Korea.
Newly appointed South Korean ambassador to Malaysia, Cho Byunjae said the ETP has opened up vast opportunities for foreign investors, including South Korean businesses.
He noted that South Korean investments in the petrochemical sector in Malaysia stood at about US$1.5 billion (RM4.89 billion) in 2010.
In a recent interview with Bernama, he also described trade between Malaysia and South as “remarkable, pointing out that both countries have witnessed good progress in bilateral trade.
It stood at US$18 billion (RM58.69 billion)last year in favour of South Korea, which registered total trade of about US$10 billion (RM32.6 billion).
“I am very positive about the future of our economic cooperation, with conditions being good. There is also demand and supply for similar sectors,” Cho said.
The ETP, launched by Prime Minister, Datuk Seri Najib Tun Razak in September 2010, was formulated as part of Malaysia’s National Transformation Programme.
It aims to elevate the country to a high income nation status by 2020, targeting a gross national income (GNI) per capita of US$15,000.
Cho said that South Korea was also working at focusing on the “Islamic Economy, with one area being the Halal industry.
Korean food companies he added, are in contact with the Malaysian Islamic Development Department (JAKIM) regarding Halal certification.
“Jakim recently approved the Korean Muslim Federation (KMF) as the recognised foreign Halal certification body for Korean food manufacturers. So, for Korean food manufacturers, receiving the Halal certification from the KMF, means their products are recognised in Malaysia,” he said.
He also said the potential of the Islamic economy was rapidly increasing and as such, there was room for expansion of bilateral cooperation in the sector.
According to Cho, there are between 100,000 to 200,000 Muslims in South Korea, and the country witnessed an influx of Muslim tourists last year, including some 200,000 Malaysians.
During the interview, he also talked about Malaysia assuming the Asean Chair in 2015, which is also the targeted year for the completion of the Asean Economic Community (AEC).
“This will coincide with efforts to create the East Asia Economic Community by 2020.
“In 2001, the East Asia Vision Group 1 (EAVG1) described East Asia as a community of peace, prosperity, and progress, while envisioning the creation of the East Asia Community.
“Last year, this group gathered again (EAVG2) and issued another vision, which is the East Asia Economic Community by 2020,” he said.
Jakarta’s Centre for Strategic and International Studies (CSIS) has highlighted that the East Asia Vision involves creating a regional community adopted by the Asean+3 (China, Japan and South Korea).
Cho believes that South Korea and Malaysia could form a partnership to achieve this vision of an East Asia Community.
Malaysia, he said, has been very active in Southeast Asia in promoting regional cooperation.
“We can see that Malaysia is active beyond its borders into Asean, the Middle East, South Asia and so forth. So, it has a very strategic position in our diplomacy and we want to strengthen this relationship,” Cho added.
*This article was published by Bernama. Read the original article here.
