A Hyundai Nexo fuel cell electric vehicle, powered by hydrogen.
SEOUL: Malaysia wants to explore further cooperation in the automotive sector with South Korea, especially with the upcoming launch of the National automotive Policy 2019 (NAP 2019), said Prime Minister Tun Dr Mahathir Mohamad.
The first of the three phases of NAP 2019 will focus on improving policies that involves new technologies, he said at a roundtable meeting with South Korean captains of industry here on Wednesday.
"Obviously, you (South Korea) have made tremendous progress. I tried your hydrogen car yesterday and it performed really well and I'm impressed by how quiet it is. The automotive industry progresses rapidly and the technology needs to (keep up)," he said.
The roundtable gathered chief executives from 29 companies, led by Korean Trade, Industry and Energy Minister Yoo Myung-hee.
Dr Mahathir said that Malaysia would like to see investments in high-tech manufacturing and is open to foreign investments.
However, it has now to be selective, he added.
Today, Malaysia would like to see investment in high-tech manufacturing like those in the fourth industrial revolution (IR 4.0), renewable energy such as solar and wind, and services that create decent-paying jobs, he said.
According to the World Economic Forum's 2018 Global Competitiveness Index, Malaysia is ranked 25th in terms of manufacturing quality and IR 4.0 readiness.
Malaysia has so far attracted investments from large Korean companies such as Lotte, Samsung, POSCO, Hanwha and SK Group. Small and medium-sized enterprises like Kumkang Kind, Affluent Best Blending and Youngreem Tech have also set up shop in Malaysia.
South Korea ranks as the fifth largest foreign investor in Malaysia.
As of 2018, a total of 376 manufacturing projects with South Korean participation have been implemented with total investment worth US$7.83 billion (RM25.89 billion).
During the roundtable, Dr Mahathir was accompanied by Foreign Affairs Minister Datuk Saifuddin Abdullah; Communication and Multimedia Minister Gobind Singh Deo; Water, Land and Natural Resources Minster Dr Xavier Jayakumar; Health Minister Datuk Seri Dr Dzulkefly Ahmad; and International Trade and Industry Minister Datuk Ignatius Darell Leiking.
