Malaysia & Korea Stress Need To Establish Malaysia-South Korea Business Council

KUALA LUMPUR, Dec 10 (Bernama) -- Malaysia and South Korea have stressed the need to establish a Malaysia-South Korea Business Council to facilitate mutually beneficial economic collaboration.

A statement issued after a summit meeting between Prime Minister Datuk Seri Najib Tun Razak and South Korean President Lee Myung-bak here Friday, said both leaders agreed to explore ways, including a possible free trade agreement, for the further enhancement of trade and economic ties between both nations.

The two leaders have also agreed to promote joint collaboration on projects of mutual interest in oil and gas exploration and production between relevant companies of both countries.

The President arrived yesterday for a two-day visit in conjunction with the 50th anniversary of the establishment of diplomatic relations between South Korea and Malaysia.

The statement also said the two leaders exchanged views on a wide range of bilateral, regional and international issues which included political, security, economic, science and technology; culture and education; and regional and global cooperation.

On political and security cooperation, Malaysia and South Korea agreed to further enhance defence cooperation while in science and technology, both countries expressed confidence that the memorandum of arrangement on cooperation and green technology would further strengthen ties between both countries in this field.

On regional and global cooperation, both leaders shared the view that North Korea shall abandon all nuclear weapons and existing nuclear programmes in a complete, verifiable and irreversible manner, immediately cease all related activities and stop activities related to its ballistic missile programme.

The statement also said both nations agreed to maintain close cooperation in multilateral fora, including the United Nations, to address global issues such as climate change, counter terrorism, global finance safe net, development and nuclear security.

President Lee extended an invitation to Najib to make a visit to the republic at a mutually convenient time, which was accepted with deep appreciation by the Malaysian Prime Minister.

-- BERNAMA

Source: http://www.bernama.com/bernama/v5/newsbusiness.php?id=549031