MALAYSIA External Trade Development Corp (Matrade) is taking great effort to identify and assist companies that have the capacity and capability to enter the global market.
CEO Mohd Mustafa Abdul Aziz (picture) said Matrade would also look into collaborating with trade associations to find companies that are able to compete in bigger markets.
He added this effort would contribute majorly to Malaysia’s involvement in the Regional Comprehensive Economic Partnership (RCEP) in the long term.
“The RCEP gives market access and provides a wider market for businesses to reach to more customers, businesses and industries in order to expand.
“However, we need to find the right people from mid-tier companies (MTCs) and small and medium enterprises (SMEs) that are able to compete,” he said during the MTCs CEO Summit 2021 themed, Charting the Course for Export Growth in Kuala Lumpur yesterday.
Mohd Mustafa noted the summit was organised with the aim to strategise their export plan, based on latest trends, key developments and new opportunities in the global markets.
He said Malaysian businesses, especially the MTCs, need to go the extra mile to grow beyond all limits and boundaries, as the world economy rebounds from the downturn due to the Covid-19 pandemic.
“MTCs should be the leaders in setting the path towards economic recovery by being agile in keeping up with the demands and market trends, adhere to the industry standards and strategise effectively in the quest for internationalisation,” he said.
According to Mohd Mustafa, Matrade had so far successfully groomed 275 MTCs since 2014. The export revenue of MTCs had reached RM15.4 billion in 2020, an increase of almost 4% compared to the year before.
Under the 11th Malaysia Plan, MTCs recorded a cumulative increase in exports of RM5.5 billion, 45% over the target key performance indicator of RM3.8 billion.
Moving forward, Mohd Mustafa said Matrade will continue its Mid-Tier Companies Development Programme (MTCDP) to create more export champions and support the ongoing efforts by the government to revitalise the Malaysian economy.
He added this is also in line with the 12th Malaysia Plan to drive growth of new sectors while striking a balance to ensure socio-economic inclusiveness and sustainability.
Mohd Mustafa stated the MTCDP targets MTCs with annual revenues between RM50 million to RM500 million for manufacturing companies and RM20 million to RM500 million for service-based companies.
The MTCDP started in 2014 as one of the government’s high impact initiatives in Malaysia’s development plan, aimed to accelerate the export growth of MTCs to be regional and global champions.
To boost the growth of MTCs after completing MTCDP, a Mid-Tier Ramp-Up Programme was created in 2016 to accelerate exports’ penetration and enhance competitiveness of the MTCs.
Matrade also honoured MTCs who have excelled in exports, drive innovation and successfully developed outstanding business initiatives.
The MTCs are recognised based on categories such as Sustainable Advocate, Digitalisation Advocate, Automation Advocate, Business Agility Advocate and Leadership Advocate.
The event yesterday also acknowledged contribution by the next generation of upcoming leaders through Rising Star and The Unsung Hero which are in recognition of MTCs that have contributed positively to the growth of business and industry as a whole.
Source: https://themalaysianreserve.com/2021/12/21/matrade-to-take-great-efforts-to-assist-companies-go-global/