According to Yonhap News,

Working group meeting held to discuss market expansion

(SEOUL = Yonhap News) Korea and Malaysia have agreed to push forward collaborative research and development (R&D) schemes in the auto parts industry.

The Ministry of Trade, Industry & Energy (MOTIE) concluded the agreement with the Ministry of International Trade and Industry of Malaysia in the 2nd Working Group Meeting for Bilateral Industrial Cooperation last month in Seoul.

Korea and Malaysia selected the “lightweightization” and design improvement of the alloy wheel, development of the smart key system, refinement of the window regulator and improvement of the fuel efficiency and gas exhaustion of the internal combustion engine as the preliminary assignment models for R&D schemes.

The R&D agreement is expected to establish a foothold for domestic small- and medium-sized automotive companies to enter the Malaysian car market, where auto sales number 610,000.

The two nations also decided to expand cooperation in the fields of electric/electronic and plant industries.

In the meeting, MOTIE expressed concern over Malaysia’s constant antidumping lawsuits against Korean steel products and agreed to work with Malaysia to lift trade barriers through various trade channels.

MOTIE plans to upgrade the meeting to the vice-minister level to strengthen its essential role in economic collaboration between the two nations and to promote cooperative measures that connect industry and trade with energy and infrastructure.