KUALA LUMPUR – Malaysia’s External Trade Development Corporation (MATRADE) aspires for further trade cooperation with South Korea as global trade expands and Malaysia enters a pre-endemic condition following the complete reopening of its borders on April 1.
According to Shawn Sim, MATRADE’s director of the China and Northeast Asia Section, Malaysia and South Korea have developed a strong bilateral connection over the last six decades, and this year commemorates the 62nd anniversary of the two nations’ diplomatic relations.
“South Korea was Malaysia’s ninth largest trading partner globally in 2021, recording an 8.5% increase of total trade with South Korea. And this demonstrates how resilient South Korea has been as a trading partner,” he stated during a webinar titled “Expand your Business to the Korean Market with EC21, the Leading Global B2B (business-to-business) Marketplace.”
EC21 is a renowned worldwide business-to-business platform that connects customers and suppliers from all over the world.
Sim explained that EC21 provides a platform for suppliers, manufacturers, and exporters to publish and advertise their products and sales leads. The buyers and importers could quickly search for and contact suppliers via B2B categories and keywords.
He said that the online B2B marketplace is establishing itself as a critical trade instrument for business-to-business transactions and marketing, as it streamlines the marketing process and reduces overall transaction costs.
“South Korea, which has a total population of 51.8 million, is renowned for having one of the world’s fastest internet networks and a high availability of high-speed internet.
“Nearly 96.5% of South Koreans utilise the internet, and nearly 70% shop online. South Korea earned approximately US$156.5 billion from e-commerce sales,” Sim added.
Meanwhile, Ahmad Fahrni Ahmad Sarkawi, charge d’affaires at the Malaysian Embassy in Seoul, anticipates that bilateral commerce between Malaysia and South Korea would expand further as a result of the Regional Comprehensive Economic Partnership, which entered into force earlier this year.
He stated that business limitations imposed by the COVID-19 pandemic spurred a paradigm shift in global business toward the digital economy, which harmed established business models while creating new opportunities through diversification of online sales.
“E-commerce has become a global phenomenon, exploding in popularity in nearly every country. It is expanding globally, particularly during the epidemic, and markets are likely to reach new heights in the post-COVID19 period “he continued.
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