Matrade to streamline all trade promotion activities for Malaysia
KUCHING: As Malaysia grows its competitiveness in international trade, Malaysia External Trade Development Corporation (Matrade) will play an even prominent role in streamlining trade promotion initiatives to ensure all the efforts to promote Malaysia’s trade capabilities are well targeted and strategic.
This is in line with the aspiration by the government when Matrade was incepted.
The idea to establish the trade promotion agency was mooted with a purpose to be the central body to manage the dynamic changes in the world- trading environment, to promote, assist and develop Malaysia’s external trade and to streamline export promotion activities.
“Currently, there are many ministries and agencies involved in various export promotion programmes in the overseas market. There are bound to be redundancies and overlaps.
“We must be able to adapt to changes and operate in a fastchanging world economy and evolving megatrends, such as the emergence of disruptive technologies and other technological advances, new versions of Free Trade Agreements, imposition of trade barriers in the name of environmental protection, urbanization and climate change,” Prime Minister Tun Dr Mahathir Mohamad said.
Matrade has played an instrumental role in growing the country’s trade over the decades. It facilitated the transformation of the country from commoditydriven to high-value sector-driven economy.
In 1993, when Matrade was incepted, Malaysia’s total exports were just over RM121 billion. In 2017, the volume of exports had grown to RM935.6 billion.
Currently, Malaysia is exporting to 234 markets around the world.
This was the message transpired during Matrade’s gala dinner to commemorate its 25th year anniversary.
In this regard, all agencies in both the public and private sector are urged to coordinate their export promotion activities through Matrade to ensure the concerted efforts will be able to achieve a common target, which is to accelerate exports and sustain trade surplus.
“Matrade is and will always be an important agency under MITI as we are a trading nation, and trade is central to our vision to move into the ranks of an advanced nation.
“The establishment of Matrade is a testament to our leaders’ foresight at that time led by Tun Dr Mahathir on the contribution of export to the country’s economic development.
“Over the past 25 years of its existence, Matrade has continuously pursue its mandate to position Malaysia as a competitive trading nation, as well as to develop local companies to be successful exporters,” Minister of International Trade and Industry Datuk Darell Leiking said.
Mahathir also said that currently, there are many ministries and agencies involved in various export promotion programmes in the overseas market.
“There are bound to be redundancies and overlaps. We must be able to adapt to changes and operate in a fast- changing world economy and evolving megatrends, such as the emergence of disruptive technologies and other technological advances, new versions of Free Trade Agreements, imposition of trade barriers in the name of environmental protection, urbanisation and climate change.”
According to the World Trade Organisation, Malaysia is currently the world’s top 25th trading and exporting nation and the world’s top 26th importing nation. The country’s key sectors include Electrical and Electronics, Logistics, Aerospace, Information, Communication and Technology, Creative Content, Medical Devices, Chemicals and Chemical Products, and Lifetsyle, just to name a few.
Moving forward, Matrade will emphasise on the utilisation of big data to help Malaysian companies venture into markets that are relevant to their products or services. The organisation is continuously enhancing its digital systems to support the collation and categorisation of data for key Malaysian sectors.
“I think that thinking through to succeed with big data would be the biggest role that Matrade can do. It starts with collecting data. Data should also be made available to everyone. It is however entirely up to them to make their own decisions and conclusions from the data,” Mahathir added.
The corporation encourages Malaysian companies to register as a Matrade member to be the first to know about all its exporters development and export promotion activities.