SEOUL (Sept 12): Malaysia and South Korea have to dig into brand-new locations of cooperation to improve trade and bilateral ties, the Secretary General of the ASEAN-Korea Centre, Ambassador Lee Hyuk said.He stated this would likewise help enhance the larger picture of adding to ASEAN and South Korea’s objective of increasing the bilateral trade volume with the regional grouping to US$ 200 billion by 2020. According to Lee, while the Malaysian federal government had actually presented various incentives for foreign financiers, South Korean investors had yet to maximize them.”In 2017, the Malaysia-South Korea trade volume taped was US$ 17 billion compared to US$ 15 billion the previous year. South Koreans invested US$ 407 million in Malaysia in 2015, compared with US$ 202 million in 2016, “he told Bernama when met at the ASEAN-Korea Centre here, today.Lee explained that trade in between both countries was well balanced with South Korean exports of commercial products and electronic devices to

Malaysia recording US$ 8 billion.Malaysia’s exports to South Korea amounted to US$ 8.7 billion, with palm oil being the major export item.However, Lee said, Malaysia’s economy was now quite well established, and hence, South Korean financiers may feel there is not much financial investment chances available despite the dominating rewards Meanwhile, he pointed out that Malaysia might do more to woo South Korean travelers, as not a lot of them headed to Malaysia despite the many traveler destinations in the multi cultural and multi-ethnic country. “It is unfortunate that a little less than 500,000 South Koreans checked out Malaysia in 2017, compared with 2.5 million who checked out Vietnam, the Philippines(1.6 million)and Thailand(1.7 million ).”Malaysia is a nation which South Koreans really feel is a little bit far off in comparison with other ASEAN countries like Vietnam, Thailand and the Philippines, “he said.” In Melaka recently for the ASEAN-Korea Tourism Capacity Structure Workshop, I was really pleased with the multi-cultural and multi-ethnic background of the country. “Apart from this, there are numerous attractions like pristine beaches, archaeological sites and the never ever ending gastronomical thrills, yet most South Korean tourists avoid Malaysia,”he stated of his own observations of the country.Lee also said at the very same time, about 307,642 Malaysians went to South Korea last year, the 4th biggest visitor number from ASEAN after Thailand, the Philippines and Vietnam.-Bernama