Thursday, August 28, 2008
"The Chinese tourism industry provides huge potential for Korea and since Malaysia has a very advanced tourism industry, it holds a promising area for both countries to do more in the future," said South Korean Ambassador to Malaysia Yang Bong Ryull at a seminar on forging partnership between South Korea and Malaysia in Kuala Lumpur yesterday.
YANG: The Korea-Asean free trade agreement will be a catalyst to strengthen partnership
The seminar was to provide Malaysians an insight to investment opportunities in South Korea's Jeju Island's real estate, tourism, education and medical industries.
Bilateral trade between both countries expanded over 10 per cent, registering around RM50 billion last year and Yang estimates that it can reach RM100 billion in five years.
"The Korea-Asean free trade agreement signed last year will be a catalyst to strengthen our partnership to greater heights," he said.
"Joint ventures and strategic alliances between both are countries have been expanding and diversifying from manufacturing to more value-added and technologically advanced sectors such as information and communication technology, oil and gas, finance, property development, tourism and education," he added.
Korea Telecom Freetel, one of the largest mobile service providers in South Korea, is in a joint venture of 3G mobile service with U-Mobile Sdn Bhd in Malaysia.
Daewoo Securities Co has also entered into a strategic alliance with CIMB Investment Bank Bhd, providing cooperation in investment banking and asset management and developing a sukuk market in South Korea.
Woori Bank and Woori Investment, one of the largest financial groups in Korea, recently opened their first representative office in Malaysia.
Governor of Jeju special self-governing province Kim Tae Hwan also urged Malaysian companies to look into the development of tourism complexes, hot spring centres, animal theme parks and resorts.
So far, Berjaya Land, a Berjaya group subsidiary, has invested US$2.6 billion (RM8.76 billion) in developing a resort-style residential complex on Jeju Island.
Malaysian Industrial Development Authority deputy director general 1 Datuk Afifuddin Abdul Kadir said last year, South Korean firms invested in 32 projects worth US$325.2 milllion (RM1 billion) in Malaysia, in which US$31 million (RM104 million) were in new projects and US$294.2 million (RM99 million) were in expansion and diversification projects.
By New Straits Times (by Rupa Damodaran)
The projects are Nusa Idaman, East Ledang, Ledang Heights and Horizon Hills (a joint development between Gamuda Land and UEM Land).
Strategic marketing general manager Zamry Ibrahim said the company wanted to attract more wealthy Indonesians to buy properties in Iskandar.
He said for years, many affluent Indonesians preferred to buy private properties in Singapore due to the aggressive marketing strategy by the Singapore-based developers.
“It is high time for Malaysian property developers to look to Indonesia and attract wealthy Indonesianshere,” Zamry told StarBizrecently.
Nusa Idaman is developed by Nusajaya Development Sdn Bhd, a wholly-owned subsidiary of UEM Land, the master developer of Nusajaya, the key driver of Iskandar.
UEM Land will be taking part in a property exhibition – An Investment Opportunity@Iskandar Malaysia – tomorrow at The Shangri-La Hotel Jakarta.
The event is jointly organised by Iskandar Regional Develop-ment Authority, Nusajaya, Iskandar Investment Bhd and Danga Bay Sdn Bhd.
Zamry said the company had so far taken part in property shows in China, Singapore and South Korea and would be going to Dubai and Australia in October.
He said with the skyrocketing prices of private properties in Singapore, Johor Baru would be an attractive place for Indonesians to invest in properties.
“We want to promote Iskandar and Nusajaya City in particular to wealthy Indonesians under the Malaysia My Second Home Programme,” said Zamry.
By The Star (By Zazali Musa)