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

KUALA LUMPUR: Malaysia’s first trade and investment mission to South Korea and Japan amidst the pandemic and global challenges has 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 the meetings with buyers from the country,” said Malaysia External Trade Development Corporation (Matrade) in a statement today.

It added that one of the meetings involved South Korea’s major retailer, GS Retail, 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 Corporation, Mitsui & Co and Daiso.

“Commitments were made to increase 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 the opportunity to supply more Malaysian products.

Matrade said the Japanese buyers expressed their commitment to purchase 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 Organisation to strategically strengthen Malaysia’s trade promotion cooperation with Japan in areas such as halal, information and communications technology, e-commerce and digital transformation.

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