SEOUL: Malaysia wants South Korea to take advantage of policy initiatives in the New Economic Policy and the 10th Malaysia Plan to explore opportunities and expand its business in the country.

In making the invitation, Deputy Prime Minister Tan Sri Muhyiddin Yassin said Malaysia was committed to a sustained and robust economic growth and was poised to undertake the major structural transformation that a high income economy required.

This is seen in its target to achieve a per capita income of US$12,000 (RM38,430) by 2015 and US$15,000 (RM48,037) by 2020 as well a 6% per annum economic growth over the next 10 years, he said.

“For those who are new and considering an expansion overseas, I would like to invite you to consider Malaysia as your next investment destination and for those who are already in Malaysia, I would like to encourage you to expand and diversify your operations,” Muhyiddin told captains of industries during a round table meeting here yesterday.

Among those present were Samsung Group Malaysia president Datuk Lee Sang Bai, Halla Energy & Environment Co Ltd chairman Dr Kwon Hyong-Key, Korean Air president Chi Chang-Hoon and KISWIRE Group chairman Hong Young-Chul.

Muhyiddin said the Government also wanted to attract new investments like the manufacturing and services sector besides its traditional electronics and resource-based industries.

He said he was glad there was a surge in Korean interest in Malaysia over the last two years and that Korean investments in the manufacturing sector had increased by over 130% to US$133.2mil (RM426.57mil) last year despite the global economic slowdown.

Muhyiddin, who is on a four-day official visit here with a 25-member delegation, also informed the captains of industries that Prime Minister Datuk Seri Najib Razak would make a trip to South Korea next year.

Lee Sang Bai, who is also chairman of the Korean Chamber of Commerce Malaysia, in his welcome address, said Malaysia and Korea had strong bilateral relations and that Malaysia was a good place to invest in.

At a dinner reception with Malaysian students studying here, Muhyiddin said he was confident the Malaysian football team could attain success through good talent search programme, intensive training and mentally strong players.

“There is still hope for the national team if planning is done right, training is intensive and the players have mental strength.”He was referring to the Malaysian Under-23 squad’s 1-0 victory over South Korea’s Under-23 team in a friendly at the National Stadium in Kuala Lumpur on Sunday.