Malaysia External Trade Development Corporation (MATRADE) has unveiled its latest updated Guidelines for the Services Export Fund (SEF) as well as three new operations which is aimed at boosting export services.
The new activities introduced this year cover the participation fees in training programmes held overseas; the registration fees for certification including compliance to sustainability; as well as purchasing software, hire purchase, renting of machinery and equipment.
Chief Executive Officer of MATRADE, Mohd Mustafa Abdul Aziz said that the SEF aims to make it easier for Malaysian service providers (MSPs) to achieve business access to foreign projects by promoting and developing their capabilities
He said these three activities are added in view of their importance in complying with the requirement of overseas projects.
“Malaysian companies in the service sectors have been very active in exploring overseas projects and some of them have successfully secured the projects through collaboration with local partners and host countries.
“We hope that SEF will help to improve the international competitiveness of our service providers in implementing projects globally with these additional activities,” Mustafa said.
He further said Malaysia’s service exports amounted to RM91.73 billion in 2020. Transport, telecommunication, computer and information services, and other industry services (including R&D, management and consultancy services, and engineering) were the most relevant industries, accounting for 58.6 percent of overall exports.
The Services Export Fund (SEF) since its inception in 2015 has benefited 189 Malaysian Services Providers (MSPs), covering sectors such as ICT, Engineering, Business Services, Construction and Education, generating export value worth RM7.6 billion.
This fund has enabled the MSPs to export their services to several countries in South East Asia along with China, India, and the USA.