The Small & medium Business Corporation (SBC) of Korea established a Korea Desk on April 12 at the Malaysia Investment Development Authority (MIDA) in Kuala Lumpur. Both sides expect the move will provide momentum to further accelerate investment ties and inflows between the two countries.

Speaking at a media conference to announce the new desk, visiting SBC president Lee Ki-Woo said, “The new set-up will enhance efforts by both organizations to support small and medium companies in Korea to build their presence in Malaysia, given that both countries have enjoyed beneficial bilateral trade ties over the years as well as collaborations to enhance investments for SMEs in the two countries.”

MIDA Director General Datuk Jalilah Baba, said, “This event marks a significant move forward to further strengthen investment ties and inflows between the two countries, adding that the new SBC office reaffirmed MIDA's commitment towards taking investment-related support for Korean SMEs one notch further.”

MIDA and SBC, which have had a long-standing cooperation dating back to 1996, have jointly worked together in various activities including the publication of the Malaysian investment guidebook, organizing investment seminars, mutual exchanges of industry officials and training of Malaysian government officials and businessmen in Korea.

Noting that Malaysia is also the leading center for manufacturing in Southeast Asia, Lee said that some 150 Korean SMEs will organize 15 delegation visits to Malaysia this year, including a focus on the equipment and machinery industry, who are keen to explore business opportunities in investment, trade and technology cooperation with Malaysian companies.

Prior to the press conference, Datuk Jalilah said that Korea emerged as the seventh largest foreign investor in Malaysia's manufacturing sector last year with investments of US$133.2 million, up 133% from US$57.1 million in the preceding year. The Korean investments in 2009 were mainly in the fabricated metal products, electronics and electrical products and base metal products industries.

In addition, she called on Malaysian companies keen to venture into Korea to tap the services provided by the SBC representative now stationed in Malaysia.

Also participating in the event were Tan Sri Dr Sulaiman Mahbob, Chairman of MIDA; Kim Dong Hwan, Commercial Counsellor, Embassy of Republic of Korea; and Shim Hyun-Suk, SBC General Manager.