Korean Firms Invited To Explore More Business Potentials In ICT Sector

From Noor Shamsiah Mohamed SEOUL (South Korea), June 13 (Bernama) -- South Korean companies are encouraged to explore more business potentials in the information and communications technology sector in Malaysia, Malaysian Deputy Prime Minister Muhyiddin Yassin (fifth from left) said Tuesday. He said the companies should take advantage of Malaysia's current promotion of ICT products and new technologies particularly the usage of wireless technology. "Another significant prospect for growth lies in renewable energy. This is a new and emerging industry that require modern infrastructure and support facilities, which are available in Malaysia. "Global manufacturers in this industry have already established production facilities in Malaysia are roducing components such as solar cells and modules. "We would like to invite Korean companies to explore the potentials in this new area," he told a meeting with South Korean captains of industry here. Muhyiddin said Malaysia is also giving attention to capital intensive and value-added industries which also provided opportunities for Korean companies to invest. "Given Korea's strength in these areas, especially in research and development activities, there is good potential for collaboration in electronics, ICT, biotechnology, agro-based products, pharmaceuticals, renewable energy as well as in the development of machinery and engineering equipment," he said. To date, he said, 300 South Korean companies have invested in Malaysia, particularly in the manufacturing sector, with cumulative investment totalling US$1.6 billion. Muhyiddin said Malaysia would continue to be an important nation for South Korea in the electrical and electronics industry. "If South Korea is the world's major hub in that industry, Malaysia has recognised as a major production centre for electronics components and equipment," he said. Muhyiddin said the services sector was also another major component in the country's economy, which contributed 58 per cent to the gross domestic product last year and offered 57 per cent jobs in the country. Among measures taken by the government to develop the sector are liberalising 44 sub-sectors and among them are telecommunication services and education, he said. Muhyiddin said South Korea was the eighth biggest trading nation with Malaysia and the biggest investor in Malaysia. The republic is also the pillar of Malaysia-South Korea diplomatic bilateral relations. Last year, bilateral trade between the two countries touched US$16 billion, accounting for 3.8 per cent of Malaysia's total trade volume. Earlier, Muhyiddin called on South Korean Prime Minister Kim Hwang-sik in his office at the Jongrohu Government Complex here. Bilateral relations and Malaysia-South Korea trade ties took centrestage in their 40-minute meeting. (photoBERNAMA) MALAYSIA