- KOIMA meets Malaysia’s ambassador to boost trade and industry ties
- Malaysia is key for Korea’s raw materials; collaboration opportunities exist
- Both sides aim to expand business, halal industry, and diversify supply chains
Recently, the Korea Importers Association (KOIMA) had a meeting with the Malaysian ambassador to discuss and find ways to expand the trade cooperation and the industrial connection between the two countries.
The discussions took place at KOIMA’s office in Seoul and they showed the increasing interest of both sides in making their economic relations more profound.
Youn Young-mi, the chairperson of KOIMA, pointed out that the strategic importance of Malaysia is rising as the country is getting ready to take over the ASEAN chair in 2025.
She regarded Malaysia as the most significant trade partner of Korea, informing about its steady supply of crucial raw materials such as palm oil and liquefied natural gas that are very important for the manufacturing and energy sectors of Korea.
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Youn also mentioned the potential of the South Korean technological expertise in refining and processing the imported resources to produce high value-added products for the industrial cooperation to expand.
She further said that KOIMA is going to send an import delegation to Malaysia in May and will work very closely with the ASEAN-Korea Centre to make sure that there will be concrete and measurable results. Youn also thanked Kuala Lumpur for its support in participating with a national pavilion at the Korea Import Expo that will take place in June.
Malaysia's Ambassador to Korea, Khalid, was glad about the closeness in engagement between businesses of the two countries and he reaffirmed Malaysia's commitment to the strengthening of trade and investment ties with Korea.
He went on to encourage Korean companies to consider delving into the halal industry market, pointing out Malaysia's Malaysia International Halal Showcase, which is the largest halal food B2B exhibition in the world. The two parties agreed that cooperation that is better could help in the diversification of supply chains and the economic resilience improvement in the flow of global uncertainty.