- Press Releases
3rd Meeting of Korea-Malaysia Economic Cooperation Committee
- Discussion on economic cooperation between the two countries and review of Look East Policy 2.0 cooperation projects -
1. The Third Meeting of the Economic Cooperation Committee (ECC) between the Republic of Korea (ROK) and Malaysia took place virtually on 7th October 2021. The meeting was co-chaired by Lee Seong-ho, the Deputy Minister for Economic Affairs of the Ministry of Foreign Affairs, and Nor Hasnah Badroddin, the Senior Director of Bilateral Economic and Trade Relations of the Ministry of International Trade and Industry, Malaysia.
◦ (Agenda) Both sides discussed in depth △ways to strengthen bilateral economic cooperation, △implementation of Look East Policy 2.0 cooperation projects, △trade and investment policies for economic recovery, and △difficulties of Korean companies in Malaysia.
※ (History) The 「Economic Cooperation Committee」 was established in accordance with the 「Look East Policy 2.0 Guiding Document」 adopted on the occasion of the Korea-Malaysia Summit (December 2014). The 1st ECC meeting was held in Kuala Lumpur, Malaysia, in 2016 and the 2nd ECC meeting was held in Seoul in 2019.
2. At this meeting, both sides reviewed the implementation of the Look East Policy 2.0 cooperation projects, which have been carried out since 2014, and discussed ways to strengthen economic cooperation between the two countries.
(Look East Policy 2.0 Cooperation Projects)
◦ In view of the implementation of the projects, both sides acknowledged that the Look East Policy 2.0 cooperation projects are presenting a major direction for economic cooperation between the two countries, and decided to carry out the projects in a substantial way while reviewing the implementation of the existing projects and focusing on the necessary tasks for continuous implementation.
- During the meeting, the Malaysian side proposed cooperation in fields such as the aged care industry, development of renewable energy technology using palm oil, intelligent transportation system, and next-generation vehicles.
※ Look East Policy 2.0 Projects: Projects that have been pursued in accordance with the Look East Policy 2.0 guidance document (December 2014) consist of cooperative projects in various fields such as △energy, △transportation, △education, and △health/medical care
(Bilateral Economic Cooperation)
◦ Both sides noted with appreciation that trade between the two countries has maintained upward momentum despite the COVID-19 situation, and committed to continue efforts to increase trade and investment cooperation between the two countries for economic recovery and revitalization in the post-COVID-19 era.
* As of August 2021, Malaysia is Korea’s 13th largest trading partner (3rd among ASEAN)
** Trade between the two countries : (2019) 18.1 billion dollars → (2020) 17.9 billion dollars (compared to last year –0.8%) → (2021.Jan∼Aug) 12.5 billion dollars (compared to the same period last year +4.9%)
◦ The Korean side highlighted some difficulties related to market access faced by Korean companies and the Malaysian side took note of the issues.
* The Korean side raised issues related to the distribution of uncertified KF masks in Malaysia and the promotion of export of Korean swine products.
◦ Both sides also agreed to strengthen cooperation in various fields such as health cooperation, people-to-people exchanges, and climate change response.
3. The Economic Cooperation Committee meeting was held on the basis of mutual understanding between the two countries, to strengthen economic cooperation even in a difficult situation due to the COVID-19 pandemic. It served as an opportunity to solidify economic cooperation with Malaysia, a key partner in implementing the New Southern Policy, and provide a new driving force for the promotion of close collaboration between the two countries.