Penang urges SMIs to learn front Seoul's experience Tech advances: Boost to economy New Straits Times (Business Times), Thursday, October 17, 2002 PENANG has called on smalland medium-scale industries (SMIs) in the state to turn to South Korea for guidance to weather a bad business climate. Penang Trade, Commerce and Consumer Affairs Committee chairman Datuk Dr Loh Hock Hun said yesterday that instead of looking at Japan, the US or Europe, the private sector here should learn from South Korea's experience. "We should study the organisation of their businesses, employees' productivity and the speed in which they have recovered from the economic slump," he said after opening a day-long seminar on 'Doing Business with South Korea" in Penang. Present were Malaysia's Trade Commissioner to Seoul Abu Bakar Yusof and Korea International Trade Association executive director Bell J.C. Park. Pointing to the rapid development of South Korea's information and communications technology, which has helped jump-start its economy, Dr Loh said that South Korea has one of the highest Internet penetration and mobile phone ownership levels at 30 million users. "Electronic commerce transactions, either through business-to-commerce or business-to-business, have contributed to an increase in trade in (South) Korea, which in turn forms an important element in consumer demand." Bilateral trade between South Korea and Malaysia last year totalled US$5.9 billion (US$1 = RM3.80), with the former being Malaysia's eighth largest trading partner. Malaysia, South Korea's third largest Asean (Association of South-East Asian Nations) importer, exported US$2.94 billion worth of goods such as electrical and electronic items, liquefied natural gas and petroleum products, wood products, chemicals and palm oil. South Korean exports to Malaysia include electronic items, machinery and chemicals, along with iron and steel products. Malaysian imports from South Korea totalled US$2.96 billion last year. Copyright © The New Straits Times Press (Malaysia) Berhad, Balai Berita 31, Jalan Riong, 59100 Kuala Lumpur, Malaysia