MALAYSIA-KOREA TRADE TO DOUBLE IN FIVE YEARS

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PUTRAJAYA, Dec 10 2010 (Bernama) -- Bilateral trade between Malaysia and South Korea is expected to double within five years from the current US$16 billion. 


Prime Minister Datuk Seri Najib Tun Razak said both countries had agreed to encourage mutual investment, particularly by Korean companies which already had a presence in Malaysia, to increase their level of re-investment. 

He said Malaysia is ready to support and provide incentives to them for this purpose. 


"We believe that our bilateral relationship will get stronger as a result of the visit by the President of the Republic of Korea, Lee Myung-bak," he said. 


Najib was speaking at the joint press conference on the occasion of the state visit of Lee Myung-bak here Friday. 


"We have noticed a 34 per cent jump in terms of bilateral trade compared to the same period last year. We believe it is possible, for the bilateral trade, to double within the next five years," he said. 


He also said both countries had agreed to look into the possibility of having a separate Malaysia and South Korea Free Trade Agreement (FTA), to complement the Asean-South Korea FTA, already in place. 


"The Asean-South Korea FTA has given a strong impetus for trade investment between Asean and South Korea. We believe, if there is a separate bilateral FTA, it will certainly enhance bilateral relations," he added.


SOURCE : BERNAMA


Original copy and paste: http://www.pmo.gov.my