KUALA LUMPUR: Malaysia needs to take note of South Korea's resilient supply chain and find ways to collaborate and develop its own vertical integration alongside the country.
Deputy Investment, Trade and Industry Minister, Liew Chin Tong, said this is because a resilient supply chain is the most important factor for industries and the nation.
"I am told that South Korea maps the supply chains of almost 200 items in the most meticulous manner, in order to secure its supply chain," he said in his closing remarks at the Look East Policy Malaysia-Korea Business Summit today.
"With the ambitious New Industrial Master Plan 2030 launched by Prime Minister Datuk Seri Anwar Ibrahim, Malaysia wants to re-industrialise and it is in this context that South Korea remains the best role model," Liew said.
He also believed that businesses in both countries, and not just the governments and the academia, should put more effort and resources into promoting a deeper mutual understanding between both countries.
"The relationship between our two nations will benefit so much more if we collectively groom young people to spend time in each other's country to learn and to appreciate the people in these societies," he said.
He noted that the Look East Policy is a very creative Malaysian foreign policy innovation.
"Given that South Korea and Japan are now in rapprochement, it is time for the governments of South Korea, Japan and Malaysia to use the platform of the Look East Policy to create trilateral cooperation among the three nations.
"This is crucial (in order) to continue the legacy of the Look East Policy in a changing world," he added.
South Korean Ambassador to Malaysia, Yeo Seung Bae, said about 420 Korean companies are operating in Malaysia to date, including industry leaders like Samsung, Lotte, and Hanhwa, and they contribute significantly to Malaysia's economic development.
"It is imperative that our countries communicate and cooperate more closely to yield new fruits of the Look East Policy," he added. — Bernama