SEOUL: Prime Minister Datuk Seri Anwar Ibrahim said the Malaysia-Korea Free Trade Agreement (FTA) is set to be finalized next year, with both countries committed to accelerating any stalled negotiations.
The agreement is expected to be signed during the visit of South Korean President Yoon Suk Yeol to Malaysia next year.
"We (Anwar and Yoon) discussed this morning that we will simplify and speed up the negotiation process related to the FTA. When he (President Yoon) comes to Malaysia next year, we will sign and finalize the FTA," he said at the Malaysia-Korea Business Forum 2024 here today.
Anwar, currently on a three-day official visit to South Korea, explained that the negotiations had been delayed since 2019 due to political instability in Malaysia at the time. However, he said that the current domestic business and political climate is now more stable.
Anwar also highlighted Malaysia's attractiveness as a trading country with a clear policy to enhance its economic potential and the ASEAN region as a whole.
"The current government is determined to make whatever changes necessary to make Malaysia attractive (to businesses and investors) with the right policies, appropriate incentives and sufficient infrastructure," he said.
"This includes training and professional talent with technical knowledge. These issues are being addressed. Therefore, you can see the (increased) development rate and there is capacity to attract new industries," Anwar added.
The Malaysia-Republic of Korea Business Forum 2024 was attended by 147 local companies, including 60 manufacturing companies, 78 services, retail and distribution companies and nine business associations.