Malaysia, South Korea To Foster ESG Investments And Technological Collaborations

From Mohd Shukri Ishak

SEOUL, Nov 25 (Bernama) -- Malaysia and South Korea have reiterated their commitment to fostering an investment climate aligned with environmental, social, and governance (ESG) principles.

The announcement was made during a bilateral meeting between Prime Minister Datuk Seri Anwar Ibrahim and South Korean President Yoon Suk Yeol in Seoul on Monday.

In a joint statement following their meeting, both leaders highlighted the importance of advancing research and development initiatives and promoting technological exchanges between businesses in their respective countries. “The focus areas include Fourth Industrial Revolution technologies, the digital economy, the halal ecosystem, and the green agenda,” the statement said.

The statement also underscored the shared commitment to expanding trade, investment, and economic collaboration. "Both sides agreed to expedite the bilateral Free Trade Agreement (FTA) negotiations, which resumed in March 2024, to conclude them by 2025," it said.

The leaders pledged to secure mutually beneficial outcomes for businesses in both nations, including small and medium enterprises (SMEs).

Through the FTA, they are committed to enhancing cooperation in trade and investment and emerging sectors such as the digital economy, green economy, and bioeconomy. Furthermore, both sides recognised the importance of deepening cooperation on economic security, including cooperation in areas and issues such as supply chain resilience.

Noting that collaboration between SMEs and start-ups could reinforce innovation and national competitiveness, both sides agreed to provide further assistance to boost cooperation and exchanges between SMEs and start-ups.

Meanwhile, having commemorated the 40th Anniversary in 2023, both sides recognised that the Look East Policy (LEP) has contributed to enhancing the economic relations between the two countries since its inception in 1983. Recalling the adoption of the Guiding Document of the Second Wave of the Look East Policy (LEP 2.0) in 2014, both sides reaffirmed their commitment to working together to maximise the potential of LEP 2.0 in strengthening economic and trade relations.

“Both sides further recognised the significant role of the Economic Cooperation Committee (ECC) in strengthening economic cooperation under LEP 2.0 and reaffirmed their commitment to hold ECC meetings regularly,” it said.

In terms of digital and ICT cooperation, Malaysia and South Korea recognised the importance of the digital government in increasing competitiveness and driving economic growth, with both sides agreeing to work together more closely on the digital government through knowledge sharing, joint capacity-building activities, and consultations.

The statement noted the launch of the Malaysia Digital Economy Blueprint in February 2021, with both sides agreeing to explore ways to strengthen cooperation in areas such as ICT policies, 5G, AI, and Big Data based on the Memorandum of Understanding on Information and Communications Technology Cooperation signed by the two countries in November 2019.

“Both sides highlighted the value of ICT in achieving equitable, inclusive, and sustainable economic growth and noted with satisfaction the successful completion of the IT cooperation project on AI-based smart farms,” it added.

-- BERNAMA