Malaysia, South Korea Revive MoU Negotiations On Entrepreneurship – Ramanan

KUALA LUMPUR, Sept 4 (Bernama) -- The government is considering steps to reschedule the signing ceremony for the memorandum of understanding (MoU) on entrepreneurial development cooperation between Malaysia and South Korea, which has been postponed since the COVID-19 pandemic.

Deputy Entrepreneur Development and Cooperatives Minister Datuk Seri R. Ramanan said the matter was discussed today after he met with the Republic of Korea Deputy Startups and Innovation Minister Jungwook Lim, in Jeju, South Korea.

Ramanan said the coordination efforts are expected to be carried out through the ratification process of the Malaysia-Korea Free Trade Agreement (FTA), which is currently being actively negotiated and targeted for finalisation as early as the end of this year.

“Malaysia views this MoU as a strategic initiative to strengthen international cooperation in the development of micro, small and medium enterprises (MSMEs) and startups.

"It is not only a platform for knowledge sharing, but also opens up wider opportunities for entrepreneurs from both countries to innovate, collaborate and penetrate the global market," he said in a statement to Bernama.

Ramanan said the MoU was first negotiated in 2019 and finalised in April 2021, but the signing ceremony was postponed due to the COVID-19 pandemic and political developments, including the General Election in Malaysia at that time.

According to him, representatives of both governments continue to work to revive negotiations through several official channels, including communication with South Korea’s Ministry of SMEs and Startups (MSS) in June 2024 and the Embassy of the Republic of Korea in April this year.

Ramanan said Malaysia is committed to strengthening close relations with the MSS to find the best opportunities to finalise the MoU, whether through special bilateral visits or during future ministerial-level meetings.

“Through the Ministry of Entrepreneur Development and Cooperatives (KUSKOP), Malaysia has always prioritised efforts to empower the field of entrepreneurship. Therefore, this visit is an engagement process that can further strengthen the mission," he added.

Also present at the meeting were the KUSKOP secretary-general Datuk Seri Khairul Dzaimee Daud, the ministry's policy and international relations division secretary Mohamad Mahil Ahmad, SME Corp Malaysia chief executive officer Rizal Nainy and senior KUSKOP officials.

-- BERNAMA