this integration process in asia. the bilateral trade and investment relationships between korea and malaysia over the recent years has continued to increase with trade now averaging rm45 billion per annum. both countries have already benefited from the growing production networks within the region as well as from the numerous trade and investment opportunities from an increasingly open and liberal business environment. investment linkages, though still relatively modest, have been on an upward trend since 2006. korean investment in malaysia is predominantly in the manufacturing sector, particularly the electrical and electronics sub - sector. the opportunity for further co - operation in this area is vast. korea, as a nation known for its knowledge - based and innovative capabilities, can leverage on the liberal investment climate offered by malaysia to diversify into new growth areas such as green technology and biotechnology. in the area of finance, malaysia now has a well - developed financial system, with deep capital markets including a comprehensive system of islamic finance. the malaysian bond market is the fourth largest in asia in terms of volume after japan, china and korea. more than 55 % of the outstanding bonds are shariah - compliant and the sukuk market is the largest in the world. in 2008, the export - import bank of korea and industrial bank of korea successfully raised a total of rm2 billion via bond issuance in the malaysian bond market. moving forward, the sukuk market represents an important channel to reinforce regional financial integration. it presents an opportunity for korean corporations to raise financing and issue sukuks out of malaysia. in addition, korean investors can also participate in the wide range of islamic financial instruments in the malaysian financial markets, including from more than 150 islamic unit trusts, islamic reits, wholesale mutual fund products and other islamic structured products. in addition to robust economic ties and potential financial links, korea and malaysia enjoy a growing mobility of talents. with the rise in korean investment in malaysia, this has led to an increase in korean expatriates. koreans are also coming to malaysia as students and to participate in our malaysia my second home programme. in addition, the korean wave, which spread to malaysia in early 2000s, has contributed to make our country more aware of the korean culture and traditions, thus promoting a better understanding between these two countries. prospects for the malaysian economy malaysia is an economy that is transitioning into a new phase of development. in the current environment, our economy is now firmly on the recovery path. this year, the malaysian economy is projected to grow in the region of 5 %

, i have expressed my views under the theme of public policy study and monetary policy management by incorporating my own experiences and providing examples of what is actually happening recently on the economic policy front. as mentioned at the outset of my speech, in economic policy, academic knowledge and practical knowledge are close or even inseparable, and public policy study that bridges the two has become extremely important. this situation is common in any country, and as interrelationships among countries ’ economic policies have been deepening, there is no doubt that the global network has increased its importance. therefore, it is expected that each country ’ s graduate schools of public policy will promote public policy study through an expansion of joint studies and exchanges between professors and between students. from a central bank ’ s perspective, i have great expectations for properly managing monetary policy by thoroughly utilizing the fruits of such studies. at present, there are not many economic papers that get a hit when doing an internet search with the keywords “ quantitative and qualitative monetary easing ( qqe ). ” however, a few years from now, the experience of japan and the bank of japan may have provided a new chapter for economics and public policy study. and i cannot help but expect that a theory worked out then will be one of the powerful weapons that central banks can use in the future to combat deflation. thank you for your attention. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches