Martial Arts and Malaysian Authorities Propose Introduction of 'Businessperson Fast Track'

[Asia Economy Reporter Hwang Yoon-joo] The Korea International Trade Association (KITA) and the Malaysia National Chamber of Commerce and Industry (NCCIM) announced on the 25th that they have delivered a joint proposal for the introduction of a "Fast Track for Businesspeople" to the governments of both countries.

The two organizations proposed, "While respecting quarantine principles, we urge the governments of both countries to temporarily introduce a fast track system that exempts businesspeople from self-quarantine upon entry, ensuring essential economic activities of companies are guaranteed."

Kim Young-joo, Chairman of KITA, said, "Currently, five countries including China, the United Arab Emirates (UAE), Indonesia, Singapore, and Japan have introduced the fast track system, gradually revitalizing exchanges between our country and these nations. We hope to introduce the fast track system with Malaysia as soon as possible and swiftly restore human and economic exchanges between the two countries."

As of 2019, Malaysia ranked as Korea's 10th largest trading partner, with a trade volume reaching 18.1 billion dollars. It is a market with sufficient purchasing power, having a GDP per capita exceeding 10,000 dollars, and has pursued an Eastward Policy since the 1980s to strengthen cooperation with Korea and Japan, making it a key partner country in the New Southern Policy. Recently, negotiations for a free trade agreement (FTA) between the two governments have also been actively promoted.

In particular, Malaysia has shown excellent COVID-19 quarantine performance. Compared to the five countries that have introduced the fast track system, Malaysia is the second most populous country after Indonesia, but among countries with fewer deaths than Malaysia, only Singapore qualifies, and its fatality rate is the third lowest after the UAE and Singapore.

Meanwhile, KITA delivered a joint proposal for the introduction of a fast track for businesspeople to the governments of the four Mekong countries?Cambodia, Laos, Myanmar, and Vietnam?in July, and since August, it has been leading support for overseas business activities of Korean businesspeople by operating a comprehensive support center for businesspeople's entry and exit in cooperation with the Ministry of Trade, Industry and Energy and the Korea Chamber of Commerce and Industry.