Image credit: The Star

KUALA LUMPUR (Nov 24): The Malaysia External Trade Development Corporation (MATRADE) has disbursed RM20.85 million to local companies under the Market Development Grant (MDG) scheme during the Jan 1-Oct 31 2020 period.

Deputy International Trade and Industry Minister Datuk Lim Ban Hong said during the same period, MATRADE processed 1,250 applications for the scheme, which had been expanded to cover the cost of participating companies in virtual international trade fairs at home and abroad.

The grant, which aims to encourage the country's exports, has also been expanded to cover up to 30 per cent of logistics costs, including transportation and warehousing for the delivery of products abroad, he said when responding to a question from Datuk Mohamad Alamin (BN-Kimanis) at the Dewan Rakyat today.

Mohamad wanted to know the Ministry of International Trade and Industry’s (MITI) strategy and direction related to the country's imports and exports to further increase the confidence of foreign investors to invest in Malaysia, especially in Sabah.

Lim said MATRADE also provides market intelligence for exporters that can be accessed online through the MyExport service, as well as implementing business matching between foreign importers and Malaysian exporters through the eBizMatch programme on a digital platform.

To encourage import substitution, he said MATRADE, through its global sourcing programme, is actively encouraging local small and medium enterprises to supply components to Malaysian manufacturing companies, including multinational companies that produce products for the international market.

“MATRADE also helps local companies increase global market access by integrating Malaysian companies into the global supply chain, as well as increasing the visibility of Malaysian companies abroad through strategic cooperation in various trading platforms," he said.