Miti Blog

Ministry of International Trade and Industry Malaysia Official Blog

Look East Policy 2.0 to focus on Economic Cooperation with S. Korea

Posted by admin2 on June 16, 2015 at 6:12 pm
SEOUL: Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed, said the second wave of the Look East Policy (LEP 2.0) will give a special focus on economic cooperation with South Korea and for a start it will be in line with Malaysia’s Economic Transformation Programme and South Korea’s Creative Economy initiatives.

He said emphasis would be on developing strategic sectors such as automotive, small and medium enterprise (SME) development, trade and applied research and development to leverage on each other’s trade and investment environment ecosystem.

“To drive implementation of LEP 2.0, both Malaysian and South Korean governments will leverage on the existing cooperative channels on bilateral industrial cooperation in automotive, electrical and electronics/information and communications technology, plant, and trade and investment to explore new areas of collaborations,” he told the Malaysian media here today.

Mustapa is here as a member of the Malaysian delegation for the three-day official visit of Prime Minister Datuk Seri Najib Abdul Razak to South Korea, beginning today.

He said Malaysians had over the past three decades benefited from the Look East Policy with South Korea, particularly in training and education in the fields of science and technology in South Korea.

The skills, knowledge and experience acquired in South Korea in turn have enriched the Malaysian economy and now the second wave of the policy is more economic-oriented.

Nevertheless, LEP 2.0 would continue building on the existing human capital development programmes such as youth exchange programme and scholarships by the Malaysian government and also the South Korean Government, he said.

The scholarships are given through the Public Service Department scholarship programmes, scholarships by top Korean Universities which include Seoul National University, Information and Cooperation University and the Korea Advanced Institute of Science and Technology and the Korean International Cooperation Agency.

The minister said South Korea was Malaysia’s seventh largest trading partner in 2013.

For the past 10 years, the average annual growth of bilateral trade between Malaysia and South Korea was at 8.07 per cent, he said.

Mustapa said in 2013 total trade with South Korea increased 13.6 per cent to USD18.03 billion (RM56.85 billion) from USD16.20 billion (RM50.04 billion) in 2012.

From January to October this year, the trade increased 7.9 per cent to USD15.41 billion.

South Korean companies, he said, continued to be among the major investors in Malaysia and in 2013, they were the second largest investors with approved investments amounting to USD1.67 billion in 13 manufacturing projects.

From January to September this year, South Korea remained among the top 10 foreign investors with approved investments amounting to USD472 million in electronics and electrical products, basic metal products, plastic products and wood and wood products.

Mustapa said as the Chair of Asean next year, Malaysia would also work together with its Asean colleagues to prepare the business community in Asean for the new environment, especially when the Asean Economic Community (AEC) is formed by the end of next year.

“Due emphasis will be given to strengthening SMEs which are the backbone of all economies in the region by deepening their participation in the global production and supply chain, which we believe will further enhance Asean’s economic growth.

“With the new theme ‘Towards a People-Centred Asean’, Malaysia is looking forward to contribute to regional economic integration, including the realisation of AEC and the development of Regional Comprehensive Economic Partnership,” he said

53 comments for this post

Posted on March 11, 2024 at 11:07 pm

Posted on February 28, 2024 at 9:57 pm
Even so

Posted on February 23, 2024 at 5:54 am

Posted on February 8, 2024 at 4:29 am
In it something is. I thank for the information. I did not know it.

Posted on February 7, 2024 at 9:27 pm
Something any more on that theme has incurred me.

Posted on February 7, 2024 at 7:29 am
The exact answer

Posted on February 1, 2024 at 1:15 am
I am very grateful to you for the information.

Posted on January 31, 2024 at 9:18 am
Completely I share your opinion. In it something is also to me it seems it is good idea. I agree with you.

Posted on January 30, 2024 at 9:13 pm

Posted on January 30, 2024 at 3:31 am

Posted on January 23, 2024 at 2:34 pm
Nice Post.

cialis malaysia price check here:

Posted on June 29, 2022 at 9:55 pm
An interesting discussion is definitely worth comment.
There's no doubt that that you ought to publish more on this topic, it might not be a
taboo subject but typically people do not discuss these topics.
To the next! All the best!! save refuges

Posted on June 20, 2022 at 8:06 am
It's appropriate time to make some plans for the future and it
is time to be happy. I have read this post and if I could
I wish to suggest you some interesting things or
tips. Maybe you can write next articles referring to this article.
I want to read more things about it! aid for

Posted on May 7, 2022 at 2:03 am

Posted on May 2, 2022 at 9:53 am
buy viagra online <a href="">viagra usa</a> women viagra

Posted on December 31, 2021 at 4:55 pm cialis alternative

Posted on December 22, 2021 at 8:21 pm
cialis price

Posted on December 12, 2021 at 8:23 pm cialis tablets

Posted on December 4, 2021 at 1:05 pm
<a href="">cheap cialis</a> generic cialis

Posted on November 26, 2021 at 4:35 am
<a href="">best prices for cialis 20mg</a> buy cialis online
More Comments

Type Your Search Here


4PU ACEAN AEC AFAS AFTA AKI APEC ARBC ASEAN ASEAN Business Advisory Council (ABAC) ASEAN Regional Business Council ASEAN- India FTA ASEAN-India FTA AirAsia Alternative medicine Andrew Robb Anti- Dumping Anugerah Kecemerlangan Industri Apollo Hospitals Apparels Apps Store Asean Economic Community Asean Framework Agreement on Services Asian Development Bank Australian Minister for Trade and Investment Automotive Industry Axiata BDO BNM Babar Ali Khan Bangladesh Bank of China Bogor Goal Brazil Budgets Bumiputera CEO CEPT CHINA CIDB CIMB COO Caexpo Cement and Concrete Association (C&CA) Channel News Asia Chemical Company of Malaysian Berhad (CCM) Chile China China-ASEAN China-ASEAN FTA Confederation of Indian Industry Conference Construction Industry Development Board Consumers DIGI DOHA Dato' Seri Mustapha Mohamed Datuk Dr Rebecca Sta Maria Datuk Hamim Samuri Datuk Ir Hamim Samuri Datuk Jacob Datuk Mustapa Mohamed Datuk Naimun Ashakali Mohammad Datuk Seri Mustapa Mohamed Datuk Seri Mustapha Mohamed Datuk Seri Najib tun Razak Doha Development Agenda ELV Policy EPU ETP Economic Planning Unit Economic Policy Leaders programme Economic Transformation Program Economic Transformation Programme Economy Eelco Eksport Eksports Eports European Commission (EC) Events Export Exports FDI FOKEM FTA Federal Governmen Federation of Malaya Fiscal policy Committee (FPC) Food Forbes Foreign direct investments Foreign investments Forum Ekonomi Dunia GDP GE GST GTP Global Market Globecycle Goods and Services Tax Government Transformation Programme Groom Big HACCP-certified HDC HP Halal Halal Development Industry Halal Development Industry Corporation Halal Industry Development Corp Halal Ingredients Asia 2015 Hoekstra ICT IJM Corp Berhad IMD INSKEN INVESTMENT MISSION IPI IT Import Imports India Indian Commerce and Industry minister Nirmala Sitharaman Industries Industry Information and Communication Technology (ICT) Infrastructure Development Finance Company Institute for Management Development International Trade and Industry InvestKL Investents Investment Investments Jabatan Kemajuan Islam Malaysia Jakim Jeli Jepun Jom Masuk IPT (KPTN 2015) KELANTAN KSU Karnival Karnival Pendidikan Tinggi Negara Khazanah Nasional Khazanah Nasional Bhd Kulim Hi-Tech Park LIMA LIMA'15 LNG Laporan World Competitiveness Yearbook (WYC) Lawatan Lembaga Pembangunan Industri Malaysia Lexus MAI MATRADE MAlaysian Economy MGCC MIDA MITC MITI MITI Deputy Secretary-General MITI Report MITI Weekly Bulletin MITI Weekly Bulletin trade MITI report MITI weekly Bulletin MITI] MNC MOF MPC MTFTA Malaysia Malaysia Airports Holdings Berhad Malaysia Automotive Institute Malaysia Economy Malaysia Entrepreneurship Forum 2015 (MEF) Malaysia External Trade Development Corp Malaysia External Trade Development Corporation Malaysia International Halal Showcase Malaysia-China Trade Malaysia-India Comprehensive Economic Cooperation Agreement Malaysian Airlines Bhd Malaysian Economy Malaysian Industrial Development Finance Bhd Malaysian Palm Oil Board Malaysian Report Malaysian Standards Malaysian economy Malaysian pavilion Manufacturing Manufacturing Industry Maybank Media Release Menteri Perdagangan Antarabangsa dan Industri Microsoft Mid Tier Companies Development Programme Minister of Commerce of China Gao yan Minister of International Trade and Industry Ministry of Finance Ministry of International Trade and Industry Miti Miti Report Miti Weekly Bulletin MyASEAN Internship Programme NAP NAP review National Automotive Policy Nestle Networking OIC OIC-Asia Trade and Economic Forum 2015 Organisation of Islamic Cooperation P Ravindran PEMANDU PEMUDAH PKS PLKN PPD Pameran Maritime dan Aeroangkasa Antarabangsa Langkawi 2015 Parts and Components Pembangunan Industri Halal Sdn Bhd Pengurusan Prestasi dan Pelaksanaan (PEMANDU) Perbadanan Perbadanan Pembangunan Industri Halal Sdn Bhd Perbadanan Pembangunan Perdagangan Luar Malaysia Performance Management and Delivery Unit Perjanjian Perdagangan Bebas Perusahaan Kecil dan Sederhana Petronas Play Store Policy Perspective Preferential Tariff Rate Program Pembiayaan Usahawan Wanita Program Transformasi Ekonomi Pusat Dagangan Antarabangsa Melaka Pusat Transformaasi Luar Bandar (RTC) Quality R&D RCEP ROO Ranhill Regional Comprehensive Economic Partnership Road Sectors Royal Vopak Russia SCE SDSI SIRIM SIRIM QAS International Sdn Bhd SME Bank SME CORP SME Corp SME corp Malaysia SMECorp SMEs SPS STA Sadguru Polymers Pvt Ltd & Triace Solution SapuraCreest Satu Daerah Satu Industri Securities Commision Service Industry Service Sector Service Sectors Service sector Service sectors Services Sector Services sector Shell Shell Malaysia Shell Malaysia Ltd(SML) Shell Refining Company Showcase Groom Big Sime Darby Singapore Corp Enterprise Small and Medium Scale Industries Sri Mustapa Mohamed Strategic Trade Bill Success Story Sunway Sunway Group THE 12th China-Asean Expo TM TOK BALI TPP TPP trade TPPA TTPA TV Show Tariff Elimination Temasek Foundation Tenaga Nasional Bhd's The 21th ASEAN Economic Ministers (AEM) The Economic Planning Unit (EPU) The Malaysian Investment Development Authority The New Global Context The World Trade Organisation (WTO Toyota Camry Trade Trade Figure Trade Performance Trade Review Trans Pacific Partnership Trans Pacific Partnerships Trans-Pacific Partnership Agreement UMW Corporation UMW Holdings Berhad UMW Toyota UNCTAD US Universiti Malaysia Kelantan (UMK) Untag Usahawan Bumiputera Vehicle End-of-Life Policy Voluntary Partnership Agreement (VPA) WCC WCY WEF WEP WHS WORLD ECONOMIC FORUM(WEF) EAST ASIA 2014 AND TRADE & INVEST WTO World Competitive Centre World Competitiveness Center (WCC) World Competitiveness Yearbook (WCY) World Economic Forum World Halal Conference 2015 World Halal Summit YB Dato' Sri Mustapa Mohamed ZICOlaw application auto automotive bangladesh bank negara malaysia bilateral relation biojisim biomass business business facilitataion business facilitation cars 15 years cement industry competitiiveness competitive competitiveness competitveness currency e&e economy education electrical electronics emerging market environment eport World Competitiveness Yearbook 2014 export exports felda food manufacturing fore foreign direct investments foreign trade forex free trade agreement green technology gross domestic product healthcare highway hong kong import imports india industries industry interest rates international standards investmen investment investments irAsia iron and steel japan jepun kdnk kelantan liberalisation logistic low carbon malaysia malaysian business manila manufacturing mecc metal sub-sector middle east mihas miti motor vehicles national green technology national timber policy non-Islamic nations non-tariff north africa packaging policy review portland cement proton public service delivery renminbi research and development retails road transport sales showcase small and medium enterprises small and medium enterprises (SMEs) sme sme corp sme corp malaysia sme master plan smi smidec syarikat berstatus multinasional tariff tax incentive textiles the Asociation of Southeast Asian Nations the electrical and electronics the government's 11th Malaysian Plan tnb tourism trade tradisional medicine tube programme usahaw value added visit wood wood-based products world economic forums