Deputy Minister of Investment, Trade and Industry, Liu Zhendong, pointed out that the free trade agreement between Malaysia and South Korea is expected to be finalized next year, but it depends on South Korea's political stability.
He explained that the FTA negotiations have been initiated.
“Currently, there is uncertainty in Korea's political situation, and we cannot determine whether it will affect the FTA negotiations.
“However, we have already started the FTA negotiations, and if Korea's political situation does not affect the negotiation process, the agreement will be signed next year.”
He was responding to a question in the Dewan Rakyat by National Alliance's Kubang Pasu MP, Dato' Koo Abdul Rahman, about whether the Korean political crisis would affect the Malaysia-Korea free trade agreement.
Prime Minister Dato' Seri Anwar recently mentioned during his visit to Korea that both countries are committed to speeding up any delayed negotiations.
Additionally, Liu Zhendong mentioned that the new investment incentive framework is expected to be announced as early as the first quarter of next year to ensure companies receive incentives based on predetermined evaluation scores.
“These evaluation scores will be based on their contribution to the economy, and the type of incentives investors can receive will be determined according to the six main projects stipulated in the national investment vision.”