Dato’ Seri Reezal Merican Naina Merican is no stranger to challenges.
A seasoned politician who has decades of experience with multiple portfolios within the federal government, the current Chairman of MATRADE — one of Malaysia’s most pivotal and biggest agencies — is both invigorated and energised by challenges. Challenges are par for the course in many areas of management, but they also become opportunities for change and growth.
Dato’ Seri, known for his steadfastness and humility, talks exclusively to BusinessToday about the twin journeys of his chairmanship and the agency’s evolution.
A Tripartite Combination For A Multilateral Approach
Being entrusted by the government to helm MATRADE was more a natural extension than a sharp turn for Dato’ Seri.
The former Deputy Foreign Minister for almost four years had gained familiarity from the many bilateral talks with other nations’ representatives. These meetings, he remembers, often went beyond the mainstay of political and security issues as trade is very much a part of bilateral talks.
“The transition from foreign affairs to external trade has been illuminating and dynamic,” he says in characteristic unperturbed fashion, given that he adopted the trade portfolio post pandemic, a time when global supply chains had been disrupted for almost three years. Others would have been daunted by the trade landscape post-pandemic as many trading nations still had their borders closed.
Dato’ Seri Reezal Merican was unfazed.
While his political background may be met with scepticism in corporate circles, he rebuts that political experience can bring discipline, structure and foresight, when used right.
“I was trained in development banking — how to analyse not just a company but the full ecosystem it operates in. I’ve always done multi-layer analysis: From product, to end-user, to public spending behaviour,” he explained.
“Yes, I speak cautiously — because in politics, every word can be replayed ten years later,” he added with a smile.
The tripartite combination of corporate, political and diplomatic exposure gives him the ability to not only dismantle a problem from the perspective of different stakeholders but also enables him to problem-solve on multiple fronts, simultaneously.
“We can no longer operate with a reactive mindset. What we need now is precision, foresight and agility,” he asserted.
So, is it business as usual for the agency mandated to promote external trade for Malaysia? Yes and no. Innovation is set to reframe business at MATRADE. It’s not a simple task securing Malaysia’s place on the global trade map, given the momentous achievement, as Dato’ Seri Reezal Merican proclaims, of Malaysia achieving RM1.46 trillion in trade in 2023, the year he became MATRADE chairman.
Fortifying Global Relationships Through Neutrality
A knowledge of political affairs is advantageous when tackling a trade portfolio but Dato’ Seri Reezal Merican asserts Malaysia’s non-aligned position in trade relationships. “We have been a pragmatic country,” he reflects, “practicing non-alignment to any single superpower”, a neutral approach that augurs well for a developing nation with less than a century of independence.
“Despite our small size, we are the 26th largest trading nation in the world, testament to the vigour and vibrancy of our economy,” says Dato’ Seri Reezal Merican.
Being in the unique position of having statesmanship experience with a deep understanding of national interests, Dato’ Seri Reezal Merican believes the next phase of growth for MATRADE lies in diversification, digitalisation and diplomatic trade intelligence. In his current position, he is at the critical point where trade and diplomacy intersect.
The Engine That Drives GDP And Employment
The chairman reminds us that external trade is a key engine that generates employment and contributes a large chunk to Malaysia’s GDP.
“Trade has become a pivotal element in the whole ecosystem our country has been witnessing since 1957,” he intones.
Exposure to government-to-government dialogues and multilateral negotiations gives him a keen perspective from which to approach the future.
“Trade is never just about buying and selling goods. It’s about trust, diplomacy and strategic positioning,” he said. “Malaysia has always adopted a pragmatic, non-aligned approach to global trade, and that neutrality remains one of our strongest assets.”
Reconciling The Past With The Future
Malaysia recorded its highest-ever trade value in 2024, reaching RM2.88 trillion — an increase of RM242 billion from the previous year, when Dato’ Seri Reezal Merican first took the helm. But as impressive as that milestone was, 2025 comes with its own distinct set of challenges.
Trade tariffs, new fluid bilateral and multilateral relationships across time zones — Dato’ Seri Reezal Merican is bullish about facing these challenges head-on.
Shifting global dynamics, escalating trade tensions and economic uncertainty — Malaysia, an economy heavily reliant on trade, finds itself navigating a complex global landscape.
But, as Dato’ Seri Reezal Merican reminds us, he has a strong foundation from which to seize the opportunity to grow.
With a renewed mandate (his tenure has been extended to 2027) and a laser-sharp eye on strategic direction, MATRADE’s captain is ready to steer the team through volatile waters.
Emphasising his commitment to retaining strengths in established markets while strategically expanding into new frontiers, he says, “This renewal comes at a critical time when global trade patterns are being reshaped by various forces, including recent tariff measures from major economies like the US”.
Moving forward, Dato’ Seri Reezal Merican is firm on the twin approaches of fortifying existing markets while securing new ones to help keep Malaysia’s export ambitions on a steady track.
That confidence is grounded in the strength of recent performance. Total trade grew in 2024 by an impressive 9.2% to reach the record-breaking RM2.88 trillion.
According to data from the Ministry of Investment, Trade and Industry, exports surpassed RM1 trillion for the fourth consecutive year, rising 5.7% year-on-year (YoY) to RM1.51 trillion.
Meanwhile, imports rose 13.2% YoY to RM1.37 trillion, crossing the RM1 trillion mark for the third year in a row. This robust showing delivered a trade surplus of RM136.88 billion, marking Malaysia’s 27th consecutive year of trade surplus since 1998.
Facing Forward With Fortitude
However, 2025 is shaping up to be a far more challenging year. Caught between the policies of competing global economic giants, Malaysia must strategise, adapt and respond proactively to protect its trade momentum.
Dato’ Seri Reezal Merican shares his hard-earned insights shaping his vision for the way forward. The agency must evolve from pandemic-era recovery efforts to forward-looking trade expansion — this much is clear.
This is the reality of global economic shifts, and Dato’ Seri Reezal Merican’s political acumen gives rise to a grounded, strategic approach to heading one of Malaysia’s most critical economic institutions.
Shifting Gears Quickly
When Dato’ Seri Reezal Merican took on the responsibility at MATRADE in 2023, the post-pandemic period, borders were still closed for many trading nations. Closed borders presented a new challenge, but also an opportunity for new thinking and creative solutions.
MATRADE wasted no time shifting gears.
“So, we quickly needed new strategies in order for us not to be left out by some of our neighbouring countries,” he remembers, adding that China opened their borders relatively late post-pandemic.
He credits the MATRADE management team for giving him a stable foundation from which to forge ahead with his leadership.
“The first thing we did was retreat and realign,” he said. “We moved from conventional trade promotion to actionable strategies with clear KPIs. No more one-track approaches. We needed market intelligence, agility and execution.”
No Room For Complacency
In 2023, when Dato’ Seri Reezal Merican took over MATRADE, Malaysia marked the fifth consecutive year of surpassing the trillion-ringgit mark.
In true leadership fashion, the chairman cautions against complacency. “It’s not just about numbers. We want surplus, not just volume,” he stressed. “The US continues to be our biggest trade surplus contributor, even though China remains our largest trading partner.”
With geopolitical tensions, particularly the US-China trade war, impacting global flows, MATRADE has adopted a “Retain and Regain” strategy.
Specifically, each trade commissioner is given specific market goals, especially in FTAs where Malaysia currently holds surpluses.
Retain, But Also Spread Out And Diversify
In as much existing markets remain significant, so is the need to diversify. Dato’ Seri Reezal understands this is a core part of not being complacent.
Market diversification, particularly in emerging economies in Africa, South Asia and Latin America, help to mitigate the impact of external trade disruptions. “We’re broadening our horizons. It’s not just America or China anymore. We’re looking at Africa, MENA (Middle East and North Africa) and South America — markets that are ripe for expansion,” he explained.
Diversification is not just about markets but also about the exports themselves. While electronics and electricals remain a key export sector, accounting for over RM119 billion in exports specifically to the US, Dato’ Seri Reezal Merican emphasises the importance of broadening Malaysia’s trade portfolio, especially in light of the 24% reciprocal tariffs imposed by the US since April 9, which have accelerated efforts to expand into new markets.
“We shouldn’t be overly reliant on one sector. It’s time to elevate others like medical devices, pharmaceuticals and especially the Halal industry,” he said.
Dato’ Seri Reezal Merican recognises the strides the nation has made in the spaces of halal business, women-powered business and more.
“Halal has evolved into a global lifestyle standard,” Dato’ Seri Reezal Merican observes. “It’s no longer solely viewed through a religious lens — even non-Muslim markets are embracing it for its focus on safety, hygiene, sustainability and traceability.”
MATRADE is also committed to empowering women entrepreneurs through the Women Exporters Development Programme, addressing the statistic that women-owned businesses accounted for only 20% of businesses in 2023.
Data-Based Decisions And Cultivating National Champions
Dato’ Seri Reezal Merican is known for demanding data-backed decisions.
He insists on daily market intelligence updates and calls on Malaysia’s 48 global trade commissioners to go beyond ceremonial roles.
He has empowered Malaysia’s 48 trade commissioners globally with clearer KPIs and analytical mandates.
“Why are we still in deficit with some countries under bilateral free trade agreements (FTAs)? Can we clear that deficit?” he posed. “We must study competitors, like Indonesia in wood-based exports, and understand how incentives, sustainability and scale affect our competitiveness.”
MATRADE is also compiling detailed data to distinguish between “Made-in-Malaysia” products merely assembled locally, and “Made-by-Malaysia” goods conceptualised, owned and produced by Malaysian companies.
This is aimed at driving support for local mid-tier companies and elevating them into the global supply chain, a shift from merely facilitating multinational companies to cultivating national champions.
Pushing Outward On Multiple Fronts
Dato’ Seri Reezal Merican has been forceful in pushing for MATRADE to be more proactive in identifying emerging markets (EMs) and seizing opportunities in digital trade, green economy and supply chain reconfiguration.
His focus on actionable strategies — ideas that are not just innovative but actionable — complements MATRADE’s “Retain and Regain” plan, targeting high surplus and underperforming FTAs for deeper engagement.
Malaysia saw an increase in trade with new EMs, like Bangladesh, Kenya, Costa Rica, Egypt, Nigeria, Oman, Togo, Angola, Ethiopia, Algeria, Libya and Namibia. Dato’ Seri Reezal Merican is also pushing for Malaysia to go beyond its manufacturing identity and evolve into an innovation hub, especially in semiconductor front-end design, energy transition and electric vehicle (EV) infrastructure.
“Malaysia can’t just assemble products anymore. The ‘brains’ must be here, the research and development, the design, the IP. That’s where the future value lies,” he asserted. And that future is already unfolding — from EV battery swaps in China to EMs in Africa that are ready to trade.
Inner Transformation Through Digitalisation
A major part of MATRADE’s transformation is its digital trade platform, MADANI Digital Trade Platform, a one-stop portal integrating information, virtual trade exhibitions and live international bidding powered by artificial intelligence.
The agency has already signed memorandum of understanding with TikTok, Amazon, and is planning more with platforms like China’s Douyin.
“We want to move from physical booths to centralised e-commerce ecosystems, where Malaysian exporters can compete in real-time for global orders,” Dato’ Seri Reezal Merican says.
This move toward digitalisation not only elevates MATRADE’s capabilities but ensures greater visibility and inclusivity for small and medium enterprises, exporters and high-growth sectors.
The Future Is Clear
Looking ahead, Dato’ Seri Reezal Merican is clear-eyed that MATRADE’s transformation must outlast individual tenures.
“We’re not building for headlines; we’re creating a playbook for future trade leaders,” he said. “Trade is Malaysia’s engine of growth. But to remain relevant, we must be adaptive, innovative and globally strategic.”
A Challenge To Future Leaders
Dato’ Seri Reezal Merican, known for his analytical thinking, is preparing MATRADE for future leadership.
Acknowledging the strong working relationship he shared with outgoing CEO Datuk Mohd Mustafa Abdul Aziz, he praised the CEO’s deep understanding of the organisation and his unwavering advocacy for Malaysian exporters.
As the current CEO prepares to retire, Reezal Merican emphasised that the next leader must be what he calls an “HAIR”, a concept inspired by Idris Jala’s vision of the ideal CEO, refined with his own leadership philosophy as someone with:
- Helicopter view
- Analytical Skills
- Inspirational leadership
- Realisable strategy execution
“It’s not about who speaks the loudest or drafts the fanciest strategies,” he said. “It’s about who can see what others don’t, act before the competition does and inspire a team to get there.”
With firm KPIs, clear digital goals and sector-specific roadmaps, Dato’ Seri Reezal Merican is not just overseeing MATRADE — he is modernising Malaysia’s trade identity.
“My challenge to MATRADE is simple: Don’t just facilitate trade. Shape it. Lead it. And let’s make sure Malaysian businesses, large or small, win in every market,” he concluded.
As he enters his extended term through 2027, Dato’ Seri Reezal Merican isn’t just raising the bar — he’s setting the blueprint for MATRADE’s future, challenging the agency to not only navigate global trade, but to define it.
