LABUAN: The Federal Territory of Labuan is ready to become partners with South Korea in the oil and gas and, financial sectors.
Member of Parliament Datuk Yussof Mahal said bilateral relations between Labuan and South Korea was ready to enter a new phase of active cooperation at the international level.
“Malaysia, especially Labuan, is proud a three-member South Korean delegation, led by the South Korea Ambassador to Malaysia Yong Joon Lee, is now here to look into the possibility of investment opportunities on the island,” he told Bernama.
Yussof said Malaysia would work closely with the republic to enhance bilateral relations in all fields of mutual interest and towards achieving the collective aspiration of a stable and prosperous Asean.
“We are happy with the business ventures between our Malaysian and Korean companies in exploring oil and gas.
“This is a good move and should be emulated by other industries in both countries,” he said.
Earlier, Yong paid a courtesy call on Yussof and both leaders discussed long-term plans to open a Bank of Korea branch on the island.
Yussof also said the Korean delegation was also looking at exploring opportunity in the field of petrochemicals.
“The government is pleased with the participation of Korean companies in national development projects in the field of technology and oil and gas related sectors.
“We hope both countries will be able to strengthen cooperation in the future for other ventures benefiting the two countries.
“I hope this visit will further strengthen bilateral ties,” he said.
Yussof, who is also chairman of Labuan Corporation (LC), an agency under Ministry of the Federal Territories and Urban Wellbeing, briefed the Korean delegates on the infrastructure development on the island and the corporation’s role in administrating the island. — Bernama