Malaysia External Trade Development Corporation’s (Matrade) recent exports accelaration mission (EAM) to India and Bangladesh generated total sales of RM125 million, signalling traction from Indian and Bangladeshi buyers.
More than 500 business meetings were organised in Mumbai, Chennai and Dhaka as part of this mission, which was held from Oct 29 and Nov 3, Matrade said in a statement today (Nov 17).
The mission featured the participation of nineteen Malaysian companies across various sectors with sectors that generated the most sales included oil and gas and fast-moving consumer goods (FMCG).
Other sectors involved were building materials, machinery, information and communication technology (ICT), medical devices, and services.
Matrade said the mission was organised to continue supporting Malaysian exporters’ efforts to grow their export footprint in South Asia.
“Currently, India and Bangladesh are Malaysia’s two largest trading partners in South Asia. In 2022, Malaysia’s total trade with India and Bangladesh reached RM86.22 billion and RM19.69 billion respectively,” it said.
Matrade’s offices in Mumbai and Chennai collaborated with prominent chambers of commerce in India and Bangladesh to organise the business matching sessions as well as market visits, engagement sessions and networking sessions.
Some of the foreign chambers that were involved were Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI), the Associated Chambers of Commerce and Industry of India (Assocham), Indian Chamber of International Business (ICIB), Madras Chamber of Commerce and Hindustan Chamber of Commerce.
The total trade between Malaysia and India for the period of January to September 2023 was worth RM56.51 billion. In that period, Malaysia exported RM34.18 billion to India while imports amounted to RM22.33 billion.
Meanwhile, the total trade with Bangladesh for the same period reached RM9.81 billion while exports and imports touched RM8.67 billion and RM1.14 billion respectively.
“We will continue to promote and enhance exports of Malaysian products and services globally. Malaysian companies interested in exploring global opportunities are encouraged to contact Matrade,” it added.
