Yoon Holds Summit with Malaysian Prime Minister... Establishing Strategic Partnership

Strengthening Cooperation with Goal of FTA Agreement Next Year
Defense, Energy, and Supply Chain Join Hands

President Yoon Suk-yeol and Malaysian Prime Minister Anwar Ibrahim are taking a commemorative photo before their summit meeting at the Presidential Office in Yongsan, Seoul, on the 25th. Photo by Yonhap News

On the 25th, President Yoon Suk-yeol held a summit meeting with Malaysian Prime Minister Anwar Ibrahim, who was on an official visit to Korea, at the Yongsan Presidential Office. The two countries agreed to embark on comprehensive cooperation by establishing a 'strategic partnership.' In particular, the two leaders decided to conclude the Korea-Malaysia Free Trade Agreement (FTA) negotiations, which resumed after five years since 2019, by next year during this meeting.

The Presidential Office stated that through the morning summit between President Yoon and Prime Minister Anwar, they agreed to build a mutually beneficial partnership by establishing a strategic partnership ahead of the 65th anniversary of diplomatic relations between Korea and Malaysia next year, and to strengthen trade and infrastructure investment. They also agreed to establish an institutional foundation to expand cooperation in areas such as defense and defense industry, energy, climate change response, critical minerals, and supply chains.

First, the two leaders plan to aim for the conclusion of the FTA negotiations by next year by upgrading the existing negotiations on goods to a future-oriented comprehensive FTA by adding service, investment, digital, bio, and green sectors.

Defense and defense industry cooperation will also be strengthened. President Yoon actively requested interest in the participation of Korean companies in Malaysia's upcoming defense projects, including the 'Second Light Attack Aircraft Replacement Project' scheduled for next year. The two countries reaffirmed their intention to expand exchanges between their defense authorities and strengthen cooperation in maritime security and law enforcement.

They will also collaborate on energy and climate change response. The scope of energy cooperation between the two countries, which has so far focused on liquefied natural gas (LNG), will be expanded to future industries such as renewable energy and greenhouse gas reduction. Both countries, which are focusing on fostering the hydrogen industry as a clean energy source and future growth engine, agreed to expand mutually beneficial cooperation, including green hydrogen production, to seek synergy. Additionally, they shared a unified stance on responding to North Korea's provocations and the deepening military cooperation between Russia and North Korea.

A Presidential Office official said, "Malaysia is Korea's third-largest trading partner and fourth-largest investment destination among ASEAN countries," adding, "Korea plans to closely cooperate with Malaysia, the ASEAN chair country next year, as part of the full implementation of the 'Korea-ASEAN Comprehensive Strategic Partnership' established during this year's Korea-ASEAN Summit."

Prime Minister Anwar's visit to Korea is his first since taking office in November 2022 and marks the first visit by a Malaysian prime minister in five years.