Malaysia and South Korea Strengthen Strategic Cooperation

Strategic Insights -

Malaysia and South Korea have agreed to expand cooperation in areas such as trade, investment, green transition, digitalisation, and defence, said Prime Minister Datuk Seri Anwar Ibrahim. The agreement was reached during a courtesy visit by South Korea's Special Envoy Kim Young Choon, who is currently on a working visit to Malaysia. The two countries are looking to strengthen their ties, with South Korea becoming Malaysia's eighth-largest trading partner. Malaysia is also keen to see the finalisation of a free trade agreement and a memorandum of understanding in the defence industry.

Key Takeaways:

  • Malaysia and South Korea have agreed to expand cooperation in trade, investment, green transition, digitalisation, and defence.
  • South Korea is now Malaysia's eighth-largest trading partner, with total trade worth US$23.94 billion (RM113 billion) last year.
  • The two countries are working to finalise a free trade agreement and a memorandum of understanding in the defence industry by October.
  • Malaysia is keen to see South Korea's leadership in the 2025 Asia-Pacific Economic Cooperation (Apec) Economic Leaders' Summit, which will be held in Gyeongju, South Korea, from October 31-November 1.
  • Prime Minister Anwar Ibrahim has extended an invitation to South Korean President Lee Jae-myung to attend the 47th Asean Summit scheduled to be held in Kuala Lumpur this October.
  • Malaysia remains committed to strengthening cooperation with Korea to achieve enduring regional peace and prosperity.

Statistics:

  • Total trade between Malaysia and South Korea: US$23.94 billion (RM113 billion) in 2022.
  • South Korea is Malaysia's eighth-largest trading partner.
  • Target date for finalising free trade agreement and memorandum of understanding in defence industry: October 2023.
  • Date of 2025 Asia-Pacific Economic Cooperation (Apec) Economic Leaders' Summit: October 31-November 1.
  • Number of times South Korea has hosted the Apec Economic Leaders' Summit: Three, in 1991, 2005, and 2025.

Sources:

  • Post by Prime Minister Datuk Seri Anwar Ibrahim on Facebook
  • List of Malaysia's trading partners (not explicitly stated in the original text)