Malaysia's trade mission to South Korea, Japan sees RM986.15m export-related transactions

Malaysia's trade mission to South Korea, Japan sees RM986.15m export-related transactions
-A +A

KUALA LUMPUR (April 26): Malaysia's first trade and investment mission to South Korea and Japan amid the Covid-19 pandemic and global challenges generated export-related transactions worth RM986.15 million.

During the six-day mission, which ended on April 6, a series of business discussions on sourcing of products and services were held, involving premium buyers and leading companies from both countries.

“About RM70 million of exports in products and services to South Korea were reported following meetings with buyers from the country,” said Malaysia External Trade Development Corp (MATRADE) in a statement today.

It added that one of the meetings involved South Korea’s major retailer, GS Retail, the operator of more than 15,000 convenience stores and 289 supermarkets.

Members of the trade mission also held meetings with Japanese companies that trade in a wide range of products and materials, such as Mitsubishi Corp, Mitsui & Co and Daiso.

“Commitments were made to increasing sourcing of fast-moving consumer goods, palm oil, halal products and services, as well as chemicals and chemical products from Malaysia,” said MATRADE.

It added that the meeting with Daiso aimed to provide Malaysian exporters with an opportunity to supply more Malaysian products.

MATRADE said the Japanese buyers expressed their commitment to purchasing from Malaysia over the next 24 months, with an export value of RM916.15 million.

During the mission, MATRADE also signed a memorandum of cooperation with the Japan External Trade Organization to strategically strengthen Malaysia’s trade promotion cooperation with Japan in areas such as halal, information and communications technology (ICT), e-commerce and digital transformation.

The delegation was led by Senior Minister cum International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali.

Read also:
Malaysia secured RM8.9b investment from South Korea, Japan from recent mission — MIDA