Malaysian Ambassador to Korea Dato Rohana Ramli, front row third from right, poses at the “Investment and Business Environment Seminar” at the Lotte Hotel in Seoul on March 3. / Courtesy of the ASEAN-Korea Centre

By Rachel Lee

Malaysia wants to attract Korean business to its promising medical device industry.

At an “Investment and Business Environment Seminar” at the Lotte Hotel in Seoul on March 3, Malaysian business representatives and government officials discussed market opportunities in their country.

The ASEAN-Korea Centre and the Malaysian Investment Development Authority (MIDA) organized the event to provide Korean businesses with up-to-date information on the investment potential in the medical device industry and opportunities to expand business to Malaysia.

“The medical device industry is an important segment within Malaysia’s industrial landscape,” MIDA CEO Dato Azman Mahmud said during a speech.

“This industry is expected to contribute greatly toward Malaysia’s aspiration to be a high-income nation by the year 2020.”

The CEO said his country’s economic fundamentals remained sound despite a slowing global economy.

Malaysia recorded 5 percent gross domestic product last year, and it is expected to be 4.5 percent this year, supported by strong domestic consumption, comfortable external reserves, low inflation and an accommodative monetary policy, he said.

“Our current account levels continue to be in surplus, and we have low unemployment,” he said. “With our pro-business, prudent and pragmatic policies, Malaysia is an ideal partner for doing business in the region.”

Ten Malaysian delegates led by the MIDA CEO talked about policies, regulatory and investment opportunities in the medical industry, and success strategies for making investment decisions and expanding business.

Korean participants had an opportunity to build business networks and to gain practical information through one-on-one business meetings with Malaysian counterparts.

The Malaysian delegation visited the Osong Biovalley, the Wonju Medical Industry Techno Valley, as well as related companies to obtain a first-hand view of Korea’s medical device industry.

In his speech, the ambassador highlighted the strong economic ties between the two countries.

“As at December 2015, a total of 347 manufacturing projects with Korean interest, involving total investments of $4.7 billion, have been implemented in Malaysia.”

“Korean investors are exceptionally strong in electronics and electrical products, basic metal products, non-metallic mineral products and transport equipment, as well as chemical and chemical products.

“Their investments have benefited more than 50,140 Malaysians in the form of employment.

“The existence of these Korean companies reflects the immense opportunities for businesses to tap into.”

“The fact that existing Korean investors in Malaysia continue to undertake significant reinvestment in expansion and diversification of higher-valued technological intensive and automation and R&D, demonstrate their strong level of confidence in our country.”

Korea is the seventh-largest exporter to Malaysia. Malaysia is Korea’s sixth-largest investment destination. Bilateral trade reached $14.44 billion last year.