SEOUL: The Malaysia-Korea Free Trade Agreement (FTA) will be finalised next year, with both countries committed to speeding up any stalled negotiations.
Prime Minister Datuk Seri Anwar Ibrahim said the agreement is expected to be signed during the return visit of South Korean President Yoon Suk Yeol to Malaysia.
According to Anwar, who is on a three-day official visit to South Korea, the negotiations have been delayed since 2019 due to the political instability that hit Malaysia at the time, but the domestic business and political scenario now is better.
“We (Anwar and Yoon) discussed this morning that we will simplify and speed up the negotiation process related to the FTA. When he (President Yoon) comes to Malaysia next year, we will sign and finalise the FTA,“ he said at the Malaysia-Korea Business Forum 2024 here today.
Anwar also highlighted Malaysia’s attractiveness as a trading country with a clear policy to increase the economic potential of the country and the ASEAN region as a whole.
“The current government is determined to make whatever changes necessary to make Malaysia attractive (to businesses and investors) with the right policies, appropriate incentives and sufficient infrastructure.
“This includes training and professional talent with technical knowledge. These issues are being addressed. Therefore, you can see the (increased) development rate and there is capacity to attract new industries,“ he said.
The Malaysia-Republic of Korea Business Forum 2024 was attended by 147 local companies, including 60 manufacturing companies, 78 services, retail and distribution companies and nine business associations.
