SEOUL: Prime Minister Datuk Seri Anwar Ibrahim is expected to hold a series of meetings with 'chaebol' to attract more foreign direct investment (FDI) into Malaysia.
The term 'chaebol' refers to prominent corporate figures or businesspeople representing conglomerates or large companies in South Korea.
Malaysia's Ambassador to South Korea Datuk Mohd Zamruni Khalid, said the prime minister's meetings with the 'chaebol' are aimed at bringing in more foreign investment to Malaysia.
"This series of meetings is an effort to attract more FDI. Additionally, it is a step to strengthen trade relations between Malaysia and South Korea," he said during a meeting with Malaysian media representatives here today, ahead of the prime minister's first official visit to South Korea, at the invitation of President Yoon Suk Yeol.
Anwar is expected to arrive at around 10pm local time and will hold a bilateral meeting with President Yoon at the Presidential Office in Yongsan on Monday.
According to Mohd Zamruni, the conglomerates involved in these meetings are already well-established in Malaysia through various business operations.
"Most of these giant companies are already present in Malaysia, and they have numerous branches here. For example, if they invest in Malaysia through electronics operations, we will try to attract them to invest in other sectors such as electric vehicles," he said.
As of October this year, trade between the two countries has reached RM91.1 billion, with Malaysia's exports to South Korea totalling RM43.95 billion and imports from South Korea amounting to RM47.1 billion.
He added that South Korea is Malaysia's seventh-largest trading partner, while Malaysia is South Korea's eleventh-largest trading partner, with an investment of RM61 billion through 616 projects.
In addition to meetings with the 'chaebol', the prime minister will also deliver a speech at a Business Forum expected to be attended by over 180 companies in South Korea.
Meanwhile, Mohd Zamruni said a session has been arranged for the prime minister to meet the Korea Muslim Federation (KMF), an official body recognised as the umbrella organisation representing Muslims in South Korea.
He added that apart from engaging with KMF, the opportunity would also be used to donate copies of the Quran, with English and Korean translations, for the use of KMF.