Seoul, November 26, 2024 – The Europe Today: South Korea and Malaysia signed a landmark agreement on Monday to bolster collaboration in supplying critical minerals from Malaysia’s reserves and expand cooperation in the defense sector, as Malaysia seeks to modernize its air force.
At a summit in Seoul, South Korean President Yoon Suk Yeol and Malaysian Prime Minister Anwar Ibrahim reaffirmed their commitment to finalize a comprehensive free trade agreement (FTA) by 2025. The proposed FTA will include new areas of cooperation, such as services, investment, and green energy, according to a statement from President Yoon’s office.
The defense collaboration follows South Korea’s successful 2023 contract to supply Malaysia with 18 light fighter jets, valued at $920 million. Malaysia expressed ongoing interest in South Korea’s next-generation fighter jet replacement project, signaling further opportunities for bilateral defense industry partnerships.
In addressing climate change, the two nations agreed to establish a stronger institutional framework, building on a previously signed memorandum of understanding (MoU) for a carbon capture and storage project scheduled for launch in 2029.
President Yoon and Prime Minister Anwar also shared concerns over escalating military ties between North Korea and Russia, as well as the ongoing humanitarian crisis in Gaza and the violence in Lebanon, underscoring the importance of coordinated international responses to global challenges.
This strategic agreement and shared commitments reflect a deepening partnership between South Korea and Malaysia, aimed at fostering economic growth, regional security, and sustainable development.
