Malaysian Investment Development Authority (Mida) has announced that the recent trade and investment mission to South Korea has resulted in potential investments worth RM24 billion for Malaysia. Companies such as SKC, POSCO Holdings, Coway, and LOTTE Fine Chemical have expressed their interest in investing in Malaysia.
SKC is considering additional investments in the electric vehicle (EV) segment in Malaysia, citing the country’s strategic location for rapid global expansion of EV investments and the development of necessary infrastructure and materials to support EV battery production.
Similarly, POSCO Holdings plans to expand its steel processing plant in Malaysia to support new business segments such as EV, batteries, and green energy, and develop a carbon capture storage project in line with Malaysia’s commitment towards environmental sustainability.
Coway has announced its decision to establish its first manufacturing hub and research and development (R&D) facilities outside of South Korea, expressing its confidence in Malaysia’s pro-business environment and commitment towards developing high-value, innovative, and advanced technology products.
LOTTE Fine Chemical proposed a project to enhance local production capabilities and support the transition of industries’ value chain to the next level.
In 2022, Mida approved investments totalling RM264.6 billion, including 15 manufacturing and services projects with South Korean participation worth RM6.35 billion, which have the potential to generate employment for 1,389 people. South Korea is ranked the seventh largest foreign investor in Malaysia in terms of approved investments for 2022.
Mida CEO Datuk Wira Arham Abdul Rahman said the RM24 billion potential investments from South Korea as a testament to Malaysia’s commitment to attracting top-tier investments, augmenting the participation of local companies in the global supply chains.
