Malaysian Government partners with South Korean conglomerate under National Blue Ocean Strategy
SK Group, South Korea’s second largest conglomerate by market capitalisation, has signed a Memorandums of Understanding (MOU) with the Malaysian Government to establish a strategic partnership under the Government’s National Blue Ocean Strategy (NBOS). SK Group will work with the Malaysian Government to create new high-growth businesses and investment opportunities in key sectors of the economy. The two will collaborate in key areas such as ICT & 5G, Oil & Gas, Green Technology as well as urban development.
As a first step, SK Group will establish a Regional Head Office in Malaysia, covering ASEAN, India and the Middle East. The SK Group will also work towards developing highly skilled Malaysian talents by training and grooming future Malaysian business leaders.
A second MOU was signed between Cyberview Sdn Bhd (Cyberview), a government-owned company under the Ministry of Finance, and two SK Group subsidiaries, namely SK Holdings Co., Ltd. and SK Telecom Co., Ltd. for the development of Blue Ocean Smart Cities in Malaysia, starting with Cyberjaya.
Cyberview is responsible for spearheading the development of Cyberjaya, one of Malaysia’s first technology hubs, which forms a core part of MSC Malaysia (previously known as Multimedia Super Corridor).
Blue Ocean Smart City in Cyberjaya is expected to serve as a model smart city solution that can be adopted in other urban centres across Malaysia and beyond.
The Prime Minister of Malaysia, Datuk Seri Najib Razak expressed belief that the SK Group’s expertise in this area, combined with Cyberview’s strategic vision for building smart cities, will help to deliver transformative change in the infrastructure, the technology, and the liveability of Malysian cities.
The design and selection of NBOS initiatives are based on two key principles of delivering high income through economic growth and integrated development and enhancing the level of public well-being through greater security and social inclusion to close the social distance between various groups in society.
The PM said that unprecedented levels of collaboration have been achieved through NBOS across than 90 government ministries and agencies along with many private sector players. This has allowed the delivery of services such as Urban Transformation Centres, while saving government expenditure of up to 2 billion ringgit (USD 512 million) by housing all the different services under one roof.
“As our cities become smarter, our devices more connected through the Internet of Things, and whole new industries, jobs and opportunities created, we want Malaysia to be at the forefront of these developments. I am sure that the strategic partnership under NBOS between Malaysia and SK Group will be able to make a significant contribution to that goal,” said PM Najib Razak.