The Ministry of International Trade & Industry (MITI) has recorded a total of RM986.15 million in deals related to export during its first Trade and Investment Mission led by Senior Minister, MITI Minister, Dato’ Seri Mohamed Azmin Ali to the Republic Of Korea and Japan.
The Ministry also reported RM70 million of exports in products and services to ROK as a result of meetings with buyers from ROK. MITI is looking to further export products such as nutraceuticals, biscuits, chocolates and healthy bars among others.
In a meeting led by Azmin, commitment to triple up sourcing of food products and FMCG by GS Retail, a major retailer in ROK was discussed and agreed. GS Retail operates more than 15,000 convenience stores and 289 supermarkets with products made available online and offline.
MITI had also held meetings with Moggozi Co. Ltd, a Korean company that has co-produced with Malaysian partners and distributed some of Malaysia’s animation product. The company has communicated interest to collaborate with Malaysian companies to produce animation films and other related projects.
In 2020, ROK is Malaysia’s 7th largest trading partner and Malaysia is ROK’s 11th largest trading partner. Both countries recorded a total trade value of RM79.78 billion in 2020, registering an increase of 9.2 percent from 2019.
Malaysia has signed 32 bilateral agreements with ROK from 1962 till 2019 with areas of cooperation have included technology exchanges, environmental development, halal and healthcare as well as digitalisation.
“ROK is a major market in Asia for Malaysian companies. The trade and investment mission was very fruitful as it adds on to the interest for both countries to cultivate bilateral relations. MATRADE is focused on collaborating with Malaysian exporters to help drive their export sales,” Mohd Mustafa Abdul Aziz, Chief Executive Officer of MATRADE said.
