KUALA LUMPUR: A Fortune 100 company and the second largest conglomerate by market capitalisation in South Korea, SK Group, will establish a regional head office in Malaysia to cover ASEAN, India and the Middle East, for a blue ocean shift between it and the country.
Prime Minister, Datuk Seri Najib Tun Razak said the Malaysian government and SK Group had agreed to establish a strategic partnership under the National Blue Ocean Strategy (NBOS), to create new high-growth businesses and investment opportunities in key sectors of the economy.
“Malaysia will be at the centre of SK Group’s business expansion ambitions in this region, which is a sign of the great confidence they have in our country.
“The group will also strive to develop highly skilled Malaysian talent by training and grooming future Malaysian business leaders,” he said in his speech at the MoU exchange ceremony between the Finance Ministry and SK Group yesterday.
The signing of the MoU marks the beginning of creative collaboration in key areas, such as ICT, 5G, oil and gas and green technology, as well as urban development.
Najib also witnessed the exchange of a MoU between Cyberview Sdn Bhd and SK Group on the development of Blue Ocean Smart Cities in Malaysia, starting with Cyberjaya.
Najib said it is the government’s hope that the smart city in Cyberjaya will serve as a model smart city solution that can be adopted in other urban centres across Malaysia and well beyond.
“Cyberjaya’s transformation over the years reflects the rapid pace of change in the development of new technology.
“The necessary conditions, incentives and support have been put in place. I believe SK Group’s expertise in this area, combined with Cyberview’s strategic vision for building smart cities, will help deliver transformative change in the infrastructure, technology, and crucially, the liveability of our cities,” he added.
Meanwhile, Najib noted that to date, the government had launched 117 high impact initiatives, tackling a wide range of economic and social issues through NBOS.
He said Malaysia had achieved a lot through this strategy, and the government wants to do even more as a nation of great potential, as recognised by SK Group.
“The reason why exceptional companies like it and many others from around the world want to do business with us is because of our economy, its resilience, and continued high performance,” he added.
Najib noted that the Economic Transformation Programme initiated in 2010 had delivered and continued to deliver, by creating 2.26 million new jobs, kept unemployment and inflation low, as well as enjoying years of healthy growth, including GDP growth of 5.9 per cent last year.
“Competition for foreign investment is fierce, but we are attracting it here, because we have much to offer alongside a stable and supportive business environment, strong fundamentals, talented workforce, strategic location, and an effective government that has embraced creativity and innovation, to name just a few factors.
“In 2017 we saw net foreign inflows of RM10.8 billion into our equity market, the highest since 2012. That’s a sign of the international community‘s confidence in our economy and the way it is being managed. It is my hope and expectation that we can achieve even more in 2018,” he said.
Also present were Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi, Chief Secretary to the Government, Tan Sri Dr Ali Hamsa, Treasury Secretary General, Tan Sri Dr Mohd Irwan Serigar Abdullah and Chairman and Chief Executive Officer of SK Holdings, Tae-won Chey.
SK Group with annual revenue of over US$100 billion has businesses that span a wide variety of sectors, including energy, telecommunications and semi-conductors. — Bernama
Najib (fourth left) shakes hands with Chey (third left) after witnessing the MoU exchange ceremony between the Finance Ministry and SK Group yesterday. Also present was Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi (fifth left) and Chief Secretary to the Government Tan Sri Dr Ali Hamsa (second right). — Bernama photo