MATRADE in collaboration with Ministry of Entrepreneur Development and Cooperatives (MEDAC) as well as SME Bank will be organising the participation of 12 Malaysian companies in the Export Acceleration Mission (EAM) to Manila, Philippines from 22 to 26 August.
“The strategic collaboration between MATRADE, MEDAC, and SME Bank signifies the importance of synergy within trade ecosystem in strengthening Malaysia’s trade competitiveness as recommended by the National Trade Blueprint (NTBp)”, said Abu Bakar Yusof, Deputy Chief Executive Officer (Exporters Development) of MATRADE.
This year, MATRADE continues to establish and leverage strategic collaborations with various ministries, agencies, foreign embassies and trade industry associations in implementing export-related programmes to create more opportunities for Malaysian business communities.
The 5-year (2021-2025) Blueprint was launched in October 2021 by YAB Prime Minister, with the aim to position Malaysia as a dynamic and pre-eminent trading nation through sustainable export development and promotion.
As one of Malaysia’s important export destinations in ASEAN, the Philippines offers significant export opportunities for a wide range of industries. For the period of January to June 2022, Malaysia’s exports to the Philippines registered growth of 29.5% to RM13.85 billion from RM10.69 billion during corresponding period last year. For year 2021, the Philippines ranked as Malaysia’s 5th largest export destination within ASEAN, with total exports amounted to RM22.63 billion, an expansion of 28.5% compared to 2022.
The e-commerce market in the Philippines has also seen robust growth, reaching USD17 billion sales in 2021, mainly contributed by 73 million active online users.
This figure is expected to reach USD24 billion, with 17% growth through 2025.
“This initiative is timely as there is a rising demand driven by the rise of e-commerce and Philippines’ large consumer base. This makes the Philippines an interesting destination for Malaysian companies to expand their global footprint,” Abu Bakar added.
