Malaysia's Continued Regional Leadership
Malaysia is set to leverage the momentum from its recent Asean chairmanship as it participates in the Asia-Pacific Economic Cooperation (Apec) Economic Leaders’ Meeting this week. Prime Minister Anwar Ibrahim is expected to arrive in Gyeongju, a historic city in South Korea, tomorrow. This visit marks an important step in Malaysia’s ongoing efforts to strengthen regional ties and promote economic cooperation.
The Malaysian ambassador to South Korea, Zamruni Khalid, emphasized that Anwar’s participation in the Apec summit reflects a continuation of Malaysia’s leadership in the region. This comes shortly after Anwar successfully chaired the 47th Asean Summit in Kuala Lumpur from October 26 to 28. During a press conference ahead of Anwar’s arrival, Zamruni highlighted the importance of maintaining the momentum achieved during the Asean Summit.
“We hope to see stronger intra-Apec trade and the successful adoption of the Gyeongju Declaration,” he said. The Gyeongju Declaration is expected to be a key outcome of the Apec meeting, outlining three main frameworks: artificial intelligence, demographic challenges, and cooperation in creative industries.
Key Focus Areas for Malaysia
Apec, which brings together 21 economies representing nearly half of global trade, provides a crucial platform for Malaysia to advocate for open markets and enhance regional supply chain resilience. In 2023, Apec economies accounted for 78% of Malaysia’s total trade, valued at RM2.06 trillion. This underscores the significance of Apec in Malaysia’s economic strategy.
The theme of this year’s Apec forum, “Building a Sustainable Tomorrow,” aligns with Malaysia’s broader goals of promoting sustainable development and innovation. The Gyeongju Declaration will serve as a guiding document for member economies, focusing on areas such as digital transformation, aging populations, and cultural industries.
Zamruni noted that Malaysia’s priorities at Apec will closely align with those of South Korea, the host country. Both nations share common interests in fostering economic collaboration and addressing global challenges through regional partnerships.
Schedule and Key Activities
During his stay in Gyeongju, Prime Minister Anwar is scheduled to attend two key Apec sessions. These sessions will provide opportunities for dialogue on critical economic issues and strategic partnerships. Additionally, Anwar will meet with major industry players from the region, further strengthening Malaysia’s business connections.
He will also engage with the US Apec Business Coalition, a group that represents American businesses and promotes economic cooperation within the Apec framework. This engagement highlights Malaysia’s commitment to building strong international partnerships.
Anwar is expected to return to Kuala Lumpur on November 1, concluding his official engagements in South Korea. His visit underscores Malaysia’s active role in multilateral forums and its dedication to advancing regional and global economic agendas.
Strong Trade Ties with South Korea
South Korea remains one of Malaysia’s key trading partners. In 2024, it was the eighth-largest trading partner of Malaysia, with bilateral trade valued at US$24 billion (RM109 billion). This strong trade relationship is built on a foundation of mutual economic interests and shared goals.
Malaysia’s exports to South Korea include a wide range of products, such as electrical and electronic goods, liquefied natural gas, and optical and scientific instruments. On the other hand, imports from South Korea primarily consist of electrical and electronic goods, petroleum products, and chemicals.
These trade flows reflect the complementary nature of the two economies and highlight the potential for further growth in their bilateral relations. As Malaysia continues to engage with Apec and other regional organizations, it is well-positioned to strengthen these economic ties and explore new opportunities for collaboration.