South Korea Seeks Closer Economic Relations With Terengganu

KUALA TERENGGANU, July 19 (Bernama) -- South Korea is looking forward to greater cooperation with Terengganu in the carbon capture, utilisation and storage (CCUS), hydrogen industry, and supply chain space.

Speaking to Bernama, South Korea’s Ambassador to Malaysia Yeo Seung-bae said the Federal Government’s recent recognition of the state as one of four leading states in CCUS and South Korea’s know-how in the sector could be a stepping stone to mutually benefit both.

“Terengganu has abundant natural resources such as gas and oil. It has the space to store carbon dioxide, such as decommissioned underground oil wells and terminal facilities. 

“South Korea, with its world-class technology expertise and CCUS know-how, can be a partner in Terengganu’s efforts to become a major economic player in this sector,” he said.

Yeo and his delegation are on a two-day visit for the Korea-Terengganu Business Forum and K-Cultural Festival.

Yeo said South Korean companies possess excellent technologies in the hydrogen sector and there is great demand for clean hydrogen, adding that the republic opened the world’s first clean hydrogen power generation bidding market last May.

Considering South Korea’s institutional strengths in the hydrogen field and Terengganu’s nurturing policies, hydrogen is expected to be another area for cooperation between them.

Yeo said it is also worthwhile to pursue joint exploration and development projects between the mineral resource agencies on both sides to ensure supply chain stability.

“Terengganu is rich in mineral resources, including rare earth elements and South Korean companies have also started purchasing mineral resources such as silica from Terengganu, an important material to make glass.

“I have already proposed some ideas to the state government such as a knowledge-sharing programme and a preliminary consulting project for clean hydrogen certification. These programmes could be fully supported by the South Korean government,” he said. 

Yeo said he is also working to facilitate the entry of more South Korean companies into the state together with its existing LX International, CJ Chemical and Polaris.

The ambassador also reaffirmed South Korea's interest in Terengganu’s human resources development which is critical for economic development and impacts the state’s future generation.

“Last year, 10 South Korean teachers were dispatched to five schools in Terengganu for three months to teach subjects about artificial intelligence, information, communication and technology and mechanics. Next month (August 2024), nine teachers will again be teaching at four schools here.

“The South Korean Embassy will, therefore, continue to foster various fields like economics, educational and cultural cooperation with Terengganu,” he said.

-- BERNAMA