Korean Investors Favour Johor
Although Sabah attracts most Korean tourists, Korean investors set up more businesses in West Malaysia, lately, especially in Johor’s Iskandar Malaysia.
Education opportunities are attractive to many South Koreans who can choose seven universities and two international schools set up in Iskandar Malaysia.
Johor’s advantage of being a neighbour to Singapore where many foreigners have business, coupled with local Johor partners like Iskandar Investment Berhad (IIB) are appreciated by the Koreans.
IIB is an investment and development firm engaged in the long-term build-up of Iskandar Malaysia to make it an attractive investment destination and a vibrant, liveable region, focusing on high-impact projects in education, tourism, leisure, health and wellness.
The latest Korean firm investor in Johor - KT Corporation Wednesday opened VRinity – Virtual Reality Centre of Excellence at Mall of Medini, Iskandar Puteri in a joint venture partnership with Iskandar Innovations Sdn Bhd (a member of Iskandar Investment Berhad group of companies).
To generate interests from East Malaysia, Daily Express was invited to witness the opening ceremony with media from Indonesia and Korea aside from the social media influencers. According to the Koreans, VRinity is the combination of the words ‘VR’ and ‘Infinity’.
Virtua Realm Sdn Bhd is the joint venture company in Malaysia for VRinity. The partnership and collaboration with KT Corporation has been developed for two years with an investment of RM4 million and finally Virtual Reality Centre of Excellence has been realised.
The opening of the centre showcases the games for the public to try. The centre is expected to have a high impact for the community in terms of lifestyle, education, e-sports, R&D and marketplace.
KT Corporation is developing immersive media and shopping services by using next-generation ICT, featuring not only virtual reality or VR and augmented reality or AR but also artificial intelligence (AI) and 3D modelling.
The opening ceremony was graced by Johor’s Exco for International Trade, Investment and Utilities Jimmy Puah Wee Tse as chairman of International Trade, Investment and Utilities Committee of Johor.
VRinity, with an investment close to US$2 million is the latest attraction in Iskandar Puteri joining the likes of Legoland Malaysia Resort, Sanrio Hello Kitty Town and Thomas Town offering 5,000 square feet of a fully immersive gaming centre equipped with the best virtual reality (VR) technologies from Korea including motion platforms, racing simulators and VR touch experiences.
Speaking at the opening ceremony, Jimmy Puah said, “I am delighted to officiate the opening ceremony of VRinity as the latest attraction in Iskandar Puteri.
“The opening of VRinity is a milestone to mark a successful foreign domestic investment (FDI) coming into Iskandar Malaysia.
“The state government welcomes more investment in the high impact, high value and high technology sectors such as this initiative in order for Johor to emerge as the new economic powerhouse in the region.”
Wan Ahmad Saifuddin Wan Ahmad Radzi, Chairman of Virtua Realm Sdn Bhd further added, “the opening of VRinity is a testament of IIB’s strong commitment in driving digital transformation in Iskandar Malaysia.
“Additionally, this collaboration with KT Corporation as the latest attraction in Iskandar Puteri is targeted to obtain 40,000 number of visitors in the first year and create value for the tourism industry for this region.”
KT Corporation’s Senior Vice President and Head Retail of New Media, Kim Hoonbae said, “KT is managing VR experience zone VRight, based on 5G convergence technology for virtual and augmented reality (VR/AR).
“VRinity will be the first global reference applying our best knowledge and experience for successful VR business.
“We will also further collaborate with IIB to pursue, innovate and catalytic initiatives through developing new contents in the technology sector.”
The existence of VRinity does not only add to the investment figure into Iskandar Malaysia but would also strengthen Johor’s position as an attractive tourist destination which also creates a multiplier effect for the ecosystem to further drive the economic and social transformation of the State.
The Iskandar Malaysia region is equipped with modern infrastructure, easy accessibility and an abundance of resource, including human talents from Sabah such as one of Iskandar Malaysia Group’s vice president Boyd Joeman that Sabah’s Deputy Chief Minister and Minister of Trade and Industry Datuk Wilfred Tangau rues should be working for Sabah’s development.
Tangau is also a friend of Jimmy Puah Wee Tse from the study tours of Johor, besides Singapore undertaken by Sabah’s Ministry of Trade and Industry to boost business ties and trade.