Business : Korean Business Leaders Must Play Substantive Role, Says Najib

From Ahmad Fuad Yahya

SEOUL, Dec 10 (Bernama) — Korean business leaders must assume a substantive role in making bilateral and regional initiatives a success, says Prime Minister said Datuk Seri Najib Tun Abdul Razak.

He said Malaysia and South Korea agreed to embark on the Second Wave of The Look East Policy, focusing on human capital development with special emphasis on strategic sectors ranging from automotive to applied research and development (R&D).

“Today, we also agreed to set up a mechanism to oversee the deepening of our economic relations and this committee will be called the Economic Cooperation Committee between Malaysia and South Korea.

“International Trade and Industry Minister Datuk Seri Mustapa Mohamed would lead the Malaysian side of the committee to spearhead the emphasis given in terms of our bilateral relations,” he said during a dialogue with South Korean business leaders here Wednesday.

Najib said Malaysia would assume the Asean Chair next year and work closely with group members to help businesses develop in a big way with the creation of the Asean Economic Community (AEC).

Malaysia, through Asean, was also engaged in negotiations for the Regional Comprehensive Economic Partnership with their partners in the region.

He said together with the AEC and RCEP, this would form a strong platform for the expansion of trade and investment.

“We want to support business development, and your (South Korean business leaders) expertise will be invaluable,” he added.

The Prime Minister also assured South Korean business leaders that Malaysia would continue to implement investment-friendly policies and provide a conducive environment for businesses to flourish.

“In the 2015 World Bank Doing Business Report, Malaysia was ranked 18th out of 189 countries. We are also in 20th place among 144 countries in the latest World Economic Forum Global Competitiveness Report,” he said.

Najib believed there was clear potential for more collaboration between the two countries in information, communication and technology and, advanced electronics and green technology, given Korea’s strength in high-value added and knowledge industries, especially in research and development.


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