MITI Continues To Look For Other New Export Areas

Prime Minister, Tan Sri Muhyiddin Yassin

Ministry of International Trade and Industry (MITI) will continue to explore new export areas, as well as encourage the use of automation and mechanisation among industry players.

Prime Minister, Tan Sri Muhyiddin Yassin said among the measures to be implemented includes the eBizLink initiative, a virtual and hybrid digital marketing platform, as well as the Globepreneur initiative which aims to highlight more potential SMEs to the international market.

Putrajaya will also raise the Market Development Grant (MDG) ceiling from RM300,0000 to RM500,000 for each company participating in the international exhibition platform.

“To generate new sources of wealth for the country, matching grants worth RM50 million will be provided to develop the aerospace and medical device industries.

“It is vital for foreign investment and international trade to be given special focus as the initiative for the national recovery programme,” Muhyiddin said

In the meantime, Putrajaya also agreed to provide an additional financing fund of RM500 million for micro-credit financing facilities through the programme under the SME Corporation and other agency.

Muhyiddin said SME Corp will provide RM50 million to help local SMEs obtain financing of up to RM250,000 at interest rates as low as 3 percent.

Through BSN, a fund of RM300 million will be provided with a financing limit of up to RM50,000, where the interest rate has been reduced from 3.5 to 3 percent and the loan period is for 5 years and instalment payments only start after the first six months. 

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