KUALA LUMPUR, Aug 18 - Malaysia External Trade Development Corporation (MATRADE) is collaborating with the Ministry of Entrepreneur Development and Cooperatives (MEDAC) and SME Bank to organise an Export Acceleration Mission (EAM) to Manila, the Philippines from Aug 22-26, 2022.
MATRADE said the mission which would involve the participation of 12 Malaysian companies is an effort to support Malaysian small and medium enterprises (SMEs) for business recovery in the endemic phase.
In a statement today, the corporation said this year it continues to establish and leverage strategic collaborations with various ministries, agencies, foreign embassies and trade industry associations in implementing export-related programmes to create more opportunities for Malaysian business communities.
“The strategic collaboration between MATRADE, MEDAC and SME Bank signifies the importance of synergy within the trade ecosystem in strengthening Malaysia’s trade competitiveness as recommended by the National Trade Blueprint (NTBp) said deputy chief executive officer (exporters development) Abu Bakar Yusof.
The five-year (2021-2025) blueprint was launched in October 2021 by the Prime Minister, with the aim to position Malaysia as a dynamic and pre-eminent trading nation through sustainable export development and promotion.
MATRADE noted that as one of Malaysia’s important export destinations in ASEAN, the Philippines offers significant export opportunities for a wide range of industries.
For the period January to June 2022, Malaysia’s exports to the Philippines registered a growth of 29.5 per cent to RM13.85 billion from RM10.69 billion during the corresponding period last year.
For the year 2021, the Philippines ranked as Malaysia’s 5th largest export destination within ASEAN, with total exports amounting to RM22.63 billion, an expansion of 28.5 per cent compared to 2020.
Meanwhile, according to MATRADE, the e-commerce market in the Philippines has also seen robust growth, reaching US$17 billion in sales in 2021, mainly contributed by 73 million active online users and this figure is expected to reach US$24 billion, with 17 per cent growth through 2025.
The COVID-19 pandemic has further accelerated e-commerce growth as Filipinos work and study at home, and this showed huge potential for Malaysia to continue expanding its presence in the Philippine market, it said.
“This initiative is timely as there is a rising demand driven by the rise of e-commerce and the Philippines’ large consumer base. This makes the Philippines an interesting destination for Malaysian companies to expand their global footprint,” Abu Bakar added.
Malaysian exporters who are interested in penetrating the Philippine market may contact MATRADE Manila at firstname.lastname@example.org to receive market updates, business contacts and information on business opportunities.