Malaysia is mulling over the possibility of signing a free trade agreement (FTA) with South Korea after witnessing the success of the ASEAN-South Korea FTA. Malaysian Prime Minister Najib Razak made the remarks in Malaysia's federal administration center here on Friday. Also present was the visiting South Korean President Lee Myung-bak. Najib, also Malaysian finance minister, said that Malaysia was determined to expand its bilateral trade with South Korea, which saw a 34 percent jump this year from the same period last year. Malaysia's two-way trade with South Korea amounted to 36.75 billion ringgit (about 11.85 billion U.S. dollars) last year. The amount is expected to exceed 16 billion U.S. dollars this year. Najib said the Malaysia-South Korea FTA could boost economic ties between the two countries and double the trade figure in 2011. The ASEAN-South Korea FTA was signed in June 2009 to boost investments between the two parties. While the Malaysian government was ready to provide necessary incentives to lure South Korean investors, Najib said that South Korea was encouraged to explore third world markets, such as Malaysia, because of its linkages with other countries. He also said that Malaysia was looking forward to the setting up of Malaysia-South Korea Business Council to explore and enhance partnership between both countries. Meanwhile, Najib, acknowledging South Korea's strengths in green, renewable and alternative energy, as well as smart or small scale nuclear reactors, said Malaysia had a lot to learn from South Korea. Describing his meeting with Najib as a successful summit, South Korean President Lee reiterated the importance of trade cooperation between the two countries, expecting the two-way trade amount to double in the next five years. The president also said a lot more need to be done in the exchanges of green technologies, especially when countries in the world were seeking renewable energy sources to tackle the issue of climate change. On the development of Islamic finance, Lee said South Korea was interested in engaging Malaysia, given the fact that Malaysia was playing a central role in the field. Lee's two-day state visit came in conjunction with the 50th anniversary of the establishment of diplomatic relations between South Korea and Malaysia. He arrived at the Kuala Lumpur International Airport Thursday afternoon, accompanied by a delegation comprising senior officials and members of the South Korean business community. He was accorded a state welcome attended by Malaysian Supreme Head Mizan Zainal Abidin at the Malaysian Parliament Square Friday morning. Also present were Najib, Malaysian Deputy Prime Minister Muhyiddin Yassin and other cabinet ministers. A total of three documents, including the Treaty on Mutual Legal Assistance in Criminal Matters, and two memoranda of understanding (MoU) involving the public and private sectors of both countries were signed in tandem with Lee's visit. According to the statement issued by Malaysian Foreign Affairs Ministry, other issues discussed included political and security cooperation, culture and education cooperation, as well as regional and global cooperation. Lee is scheduled to leave Malaysia Friday night after attending the state banquet hosted by Mizan.