Jeju: The government is considering steps to reschedule the signing ceremony for the memorandum of understanding (MoU) on entrepreneurial development cooperation between Malaysia and South Korea, which has been postponed since the COVID-19 pandemic. Deputy Entrepreneur Development and Cooperatives Minister Datuk Seri R. Ramanan stated that the matter was discussed after a meeting with Republic of Korea Deputy Startups and Innovation Minister Jungwook Lim in Jeju, South Korea.
According to BERNAMA News Agency, Ramanan mentioned that coordination efforts are expected to proceed through the ratification process of the Malaysia-Korea Free Trade Agreement (FTA), currently under active negotiation and targeted for completion by the end of this year. He emphasized that Malaysia considers the MoU a strategic initiative for enhancing international cooperation in the development of micro, small, and medium enterprises (MSMEs) and startups. The MoU is viewed as a platform for knowledge sharing, opening opportunities for entrepreneurs from both countries to innovate, collaborate, and enter the global market.
The MoU was initially negotiated in 2019 and finalized in April 2021, but the signing was postponed due to the COVID-19 pandemic and political developments, including Malaysia’s General Election. Ramanan noted that representatives from both governments are working to revive negotiations through several official channels, including communication with South Korea’s Ministry of SMEs and Startups (MSS) in June 2024 and the Embassy of the Republic of Korea in April this year.
Ramanan affirmed Malaysia’s commitment to strengthening relations with the MSS to find the best opportunities to finalize the MoU, whether through special bilateral visits or future ministerial-level meetings. He added that through the Ministry of Entrepreneur Development and Cooperatives (KUSKOP), Malaysia prioritizes efforts to empower entrepreneurship, and this visit serves as an engagement process to further the mission.
The meeting was also attended by KUSKOP secretary-general Datuk Seri Khairul Dzaimee Daud, the ministry’s policy and international relations division secretary Mohamad Mahil Ahmad, SME Corp Malaysia chief executive officer Rizal Nainy, and senior KUSKOP officials.