MATRADE Committed To Support Local MTC Business Expansion To Regions With Potential

KUALA LUMPUR, Nov 14 (Bernama) -- The Malaysian External Trade Development Corporation (MATRADE) will be committed to continue supporting the business expansion of local mid-tier companies (MTC) to other regions with potential, including the Middle East, Africa and Latin America.

Chairman Datuk Seri Reezal Merican Naina Merican said MATRADE plans to host the ASEAN Mid-Tier Companies CEO Summit in 2025.

"The objective is to strengthen the business network and collaboration between MTCs in the ASEAN region, given that Malaysia will take over the ASEAN chairmanship.

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"This effort is expected to support the development of Malaysia's MTCs in expanding and strengthening their positions in Southeast Asia," he said at the MTC CEO Summit 2024 today.

Reezal Merican said participants in the Mid-Tier Companies Development Programme (MTCDP) had recorded cumulative annual sales of RM32.92 billion in 2023, of which RM19.15 billion or 58 per cent had been derived from five export activities.

"Meanwhile, a total of 77 new markets were also penetrated including Albania, Togo, Botswana, Moldova, Jamaica and Venezuela," he added.

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He said MTCs also continued to strengthen the domestic supply chain through a collaboration network involving more than 10,000 local small and medium enterprises (SMEs), an increase of 11 per cent compared to the previous year (9,135 SMEs).

"About 74 per cent of this total is involved in the manufacturing sector while 26 per cent is involved in the services sector

"The success of MTCs at the global level also encourages the growth of SMEs under the business cooperation network, as well as directly increasing local employment opportunities, local economic development and Malaysia as a whole," he said.

He said the government also has high hopes that MTCs can guide SMEs in their global supply chain.

Meanwhile, MATRADE chief executive officer Datuk Mohd Mustafa Abdul Aziz said although there is still a year left in the 12th Malaysia Plan (12MP) period, the MTCDP has successfully assisted 348 companies so far since its inception in 2014.

"MATRADE will definitely continue to support local MTCs in their efforts to expand to the global market," he said.

He also emphasised the importance of MTCs to strengthen their global competitiveness through the application of the sustainability agenda and digitisation in operations, which are critical factors in international trade.

In addition, local MTCs are now seen to prioritise branding initiatives to position themselves effectively on the international stage, he said.

"Branding is one of the key differentiators in today's competitive global market, and it is important for Malaysian companies to build a strong and distinctive brand identity, in line with the needs of international consumers," added Mohd Mustafa.

-- BERNAMA