PENANG, known as the Silicon Valley of the East, has garnered significant interest from major semiconductor companies.
During a courtesy visit to Penang, South Korean ambassador Yeo Seung-bae and Penang Chief Minister Chow Kon Yeow explored ways to enhance cooperation between South Korea and Penang.
“We talked about closer coordination between investment institutions from both sides, such as the Korea Trade-Investment Promotion Agency (KOTRA) and InvestPenang.
“Through this collaboration, we aim to identify cooperation opportunities and assist businesses in finding suitable partners.
“I also proposed ideas like joint research and development (R&D) initiatives and personnel exchanges between startups in both regions.
“I believe today’s meeting with the Chief Minister is an essential first step in pursuing specific cooperation projects and formalising a closer partnership between the investment authorities of South Korea and Penang,” Yeo told Buletin Mutiara after the meeting today.
Joining Yeo in the meeting were the Embassy of the Republic of Korea minister counsellor Jun Ji Sun; second secretary Hwang Yoodam; KOTRA director-general Dr Lee Sung Gi; Korea Environment Corporation managing director An Sung Jun; Samsung C&T managing director Jey Kim; Sustio deputy chairman Douglas Park; and Seoul Electronics and Telecommunication managing director Kim Young Joo.
The meeting also highlighted two significant events, which are happening tomorrow (Aug 23).
“The purpose of my visit to Penang is to host two significant events in collaboration with the state – an Environmental, social, and governance (ESG) forum and a film festival.
“Our embassy has previously organised an ESG forum in Kuala Lumpur, inviting government officials from relevant ministries and Malaysian leaders.
“This time, we are bringing the forum to Penang, with representatives from major Korean companies operating in Malaysia participating. This provides a valuable platform for both sides to share and learn the best practices in sustainable development,” he said.
Yeo added that the Korean film festival is particularly special as it is the first of its kind to be held outside Kuala Lumpur.
“We will feature three films that beautifully showcase the natural landscapes of South Korea and its rich culinary heritage.
“Through this event, our embassy and the Korean Cultural Centre aim to promote deeper cultural exchanges and strengthen people-to-people connections between South Korea and Penang,” he explained.
Yeo mentioned that he would also be visiting the disabled trainees at the Teluk Bahang Community Rehabilitation Centre (PPDK) together with Balik Pulau MP Datuk Muhammad Bakhtiar Wan Chik.
“We understand that the PPDK is a vital institution supporting disabled individuals.
“We will be donating emergency kits and other supplies during our visit. We hope this small gesture of assistance will provide support to those in need and highlight South Korea’s friendship with Penang, Malaysia,” he said.
InvestPenang manufacturing development head Lee Yoeu Chek, who was also present, highlighted that Penang has recently attracted significant interest from several South Korean companies, particularly in the semiconductor and IC design sectors.
Chief Minister Chow Kon Yeow expressed his gratitude to the delegates, extending a warm welcome to Penang.
“We are pleased to jointly host these meaningful events that can further enhance and strengthen the bilateral relationship between Penang and South Korea.
“InvestPenang recently completed a successful trade mission to the United States, and we are now planning a visit to Japan. There is also potential for organising a joint Japan-South Korea trade mission to encourage further investment in Penang, Malaysia.
“Penang enjoys strong relationships with many Asian countries, offering us numerous opportunities, particularly in trade and technology,” he stated.
Chow also emphasised the importance of accelerating the adoption of ESG practices to align with the growing interest from investors.
Story by Christopher Tan
Pix by Darwina Mohd Daud