SEOUL: The Malaysian delegation to South Korea led by Prime Minister Datuk Seri Anwar Ibrahim has secured RM32.8 billion in potential investments.
Anwar said meetings with chaebol (conglomerates) and several prominent South Korean companies had generated high-impact investment prospects.
"Thus far, the potential investments generated from this visit have reached RM32.8 billion, with immediate exports from Malaysia amounting to RM1.3 billion," he said during a press conference with Malaysian media here today.
He concluded his three-day official visit to South Korea today following an invitation from President Yoon Suk Yeol.
His visit since Sunday had further strengthened bilateral relations between the two nations.
Meetings with major South Korean companies have also opened doors to attract high-impact investments to Malaysia.
In response to a question regarding Kedah Menteri Besar Datuk Seri Muhammad Sanusi Md Nor's allegations of a plot to derail private investments in the state, Anwar said: "I (Anwar) am also Kedah's agent for bringing in foreign investments.
"Even though he (Sanusi) says so, I still support Hyundai's investment (in Kulim).
"(Although) there were other potential locations, due to the infrastructure provided and export channels via Penang Port and Penang Airport, we suggested Kulim."
Currently, about 400 South Korean companies operate in Malaysia across various sectors, including construction.
Investment, Trade, and Industry Minister Datuk Seri Tengku Zafrul Tengku Aziz, who accompanied the prime minister on the visit, said the potential investments were in sectors such as electric vehicles (EVs), EV-related metals, biopharmaceuticals, green technology, carbon capture and storage, and green hydrogen.
"So far, only Hyundai Motor has made an official announcement, following the approval of their commitment by its board of directors," he said.
Today, Hyundai Motor announced a USD 479 million (about RM2.14 billion) investment in Malaysia over the next five years, starting in 2025.
Hyundai Motor will collaborate with local company Inokom Corporation Sdn Bhd to upgrade its manufacturing plant in Kulim.
The upgraded facility is scheduled to begin production of Hyundai's multi-purpose vehicles (MPVs) and Staria minivans by mid-2025.
It plans to expand its range to include medium—to large-sized SUVs.
Hyundai Motor said production would begin at 20,000 units per year, with plans for expansion.