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business
Najib: Three key measures to
enhance Asean-Korea ties
JEJU ISLAND, (South Korea): Datuk
Seri Najib Abdul Razak, who described
the signing of the Asean-Korea Invest-
ment Agreement which will take
place here today as a significant step
for both Asean and Korea, yesterday
highlighted three key measures that
would strengthen cooperation within
the framework of Asean-Korea rela-
tions and the East Asian region.
The prime minister said that first,
there is a need to intensify collabora-
tion and raise the level of cooperation
to capitalise on the new strategic
partnership.
Second, there is sound basis to look
beyond Asean and Korea, and identify
measures to enhance East Asian co-
operation and third, both Asean and
Korea must work together to involve
other emerging economies in Asia in
the regional integration process for the
wider benefit of Asia and the global
trading system, he said.
Najib, who is also finance minister,
said this in his keynote address at the
closing session of the Asean-Korea CEO
Business Summit at the International
Convention Centre (ICC) Jeju, here.
On Asean-Korea economic rela-
tions, Najib said that both sides had
undertaken various initiatives and cre-
ated the necessary institutional support
to facilitate and forge closer bilateral
ties.
“Given the increasingly competitive
environment in which we currently
operate, we as governments, should do
our part to make it easier for goods to
move across borders,” he said.
Najib said that much had been done
to support and facilitate the growth of
the Asean-Korea relationship over the
past 20 years and the signing of the
Asean-Korea Investment Agreement
today would complete the Asean-Korea
Framework Agreement for Economic
Cooperation.
He said that through the Asean-
Korea Framework Agreement, both
sides are creating a transparent, liberal
and facilitative trade and investment
regime.
“Next year, we will see a freer flow
of trade in goods, as Asean and Korea
remove import duties on a substantial
Labuan holdings companies can now be located in KL
KUALA LUMPUR: Labuan holding com-
panies are now allowed to establish
their operational and management
office in Kuala Lumpur under a guideline
issued by the Labuan Offshore Financial
Services Authority (LOFSA).
The guideline issued is part of the
national financial liberalisation package
number of products.
“This is a significant step that both
Asean and Korea are embarking on
and the private sector should not let the
opportunity slip away as governments
work towards the goal of creating a
conducive business environment,” he
said.
Najib also pointed out that more
needs to be done at the level of the
private sector, as there appears to be
a lack of intensity, in the engagement
of the business communities in Asean
and Korea.
“I thus call on the private sector to
move fast to realise the potential and
make use of the opportunities that can
I thus call on the private
sector to move fast to
realise the potential
and make use of the
opportunities that
can accrue from this
relationship. Much depends
on the private sector to
ensure that the objectives
of the Asean-Korea
Framework Agreement for
Economic Cooperation are
realised.”
– Najib
accrue from this relationship. Much
depends on the private sector to ensure
that the objectives of the Asean-Korea
Framework Agreement for Economic
Cooperation are realised.
“Ultimately, it is the business com-
munity which will bring to fruition the
initiatives of governments,” he said.
Najib also said the time is now ap-
propriate for taking the Asean Plus One
cooperation and integration to a higher
level as there is basis for Asean, Korea
and the other East Asian countries to
do this.
He said the present financial and
economic crisis as well as the lessons
learnt from the 1997 Asian Financial
announced by Prime Minister Datuk Seri
Mohd Najib Abdul Abdul Razak in April,
LOFSA said in a statement yesterday.
The liberalisation measures are
aimed at enhancing Malaysia’s finan-
cial services sector as a catalyst that
will take the country to the next level
of development, said LOFSA director-
theSun | TUESDAY JUNE 2 2009
Berjaya Corporation
Berhad chairman
and chief executive
officer Tan Sri Vincent
Tan Chee Yioun
chats with Najib at
a banquet dinner
hosted by Malaysian
Ambassador to South
Korea, Datuk Ramlan
Ibrahim, in Jeju on
Sunday night. On the
right is International
Trade and Industry
Minister Datuk
Mustapa Mohamed.
A resort being built
by Berjaya on the Jeju
island is the single
largest investment
in South Korea by a
Malaysian company.
BERNAMAPIX
crisis reinforced the position that
deepening East Asian economic and
financial cooperation is no longer an
option but an imperative.
“Today, under the Chiang Mai Ini-
tiative a US$120 billion (RM420 billion)
fund for swap arrangements has been
created to assist countries in difficul-
ties,” he said.
Najib said that he was of the view
that the current global crisis presented
an opportunity for countries in this
region to work towards strengthening
East Asian economic integration and
study the underlying factors contribut-
ing to the level of impact of the current
crisis.
“Lessons learnt can contribute to a
strong and dynamic East Asian region
which will provide economic growth
not only for it but also act as a catalyst
for global economic growth as well.
“We have to strengthen the eco-
nomic resilience of East Asia. We must
build on the Asean Plus One coopera-
tion to enhance collaboration among
the East Asian countries,” he said.
Najib also said that while the imme-
diate priority was to intensify coopera-
tion within the East Asia region, they
also needed to be mindful of the emer-
gence of other countries, particularly in
Asia that could complement East Asian
economic integration and open up new
areas of opportunities.
He also proposed the establishment
of a defined mechanism which would
allow the private sector to provide
feedback on impediments that con-
strain their efforts to expand trade and
investment flow between Asean and
Korea.
“Without such feedback from the
private sector, it will be difficult for
governments to continue to make
improvements to create facilitative and
conducive business environments, so
critically necessary for the regional
economic integration that we envis-
age,” he said.
The CEO Summit, organised by
the Korea Chamber of Commerce and
Industry on the sidelines of the Asean-
Republic of Korea Commemorative
Summit, was attended by business
leaders. – Bernama
general Datuk Azizan Abdul Rahman.
In supporting the initiative,
Companies Commission of Malaysia
chief executive officer Datuk Azmi
Ariffin said the flexibility given to Labuan
holding companies will be viewed as a
positive development by the Labuan
business community. – Bernama