Matrade debuts customised market immersion mission to the Philippines
KUALA LUMPUR: Malaysia External Trade Development Corporation (Matrade) is debuting a customised market immersion mission to the Philippines covering two cities, namely Davao and Manila, from March 12-15, 2024.
In a statement, Matrade said that, through the mission, the agency is committed to championing innovative Malaysian mid-tier companies (MTCs) in the global marketplace and aims to help them gain an in-depth understanding of the market landscape in the Philippines.
It said the mission would help Malaysian MTCs build relationships with key stakeholders, including government officials, local business communities, and industry experts, as well as potential partners.
Chairman Datuk Seri Reezal Merican Naina Merican said Malaysian MTCs under the agency’s mid-tier companies development programme (MTCDP) have demonstrated strong resilience, creativity, and innovativeness by striving hard to venture into new markets.
“(Under MTCDP), MTCs are able to grow, accelerate market expansion and integrate into global value chain businesses, especially in the Asean markets,” he said.
During the mission, Matrade said Malaysian MTCs would engage with key players in the business sector, such as the Davao City Chamber of Commerce, Davao Contractors Association, Asian Development Bank, and MTD Philippines Inc, as well as network with business communities and Philippine small and medium enterprises.
Hence, the agency’s trade commissioner in Manila Intan Zalani said the mission would provide an opportunity for Malaysian MTCs to gain onthe-ground insights into the Philippine burgeoning infrastructure projects, especially in Davao and Manila.
“We believe it is impactful for Malaysian companies to gain insights through one-on-one interaction with construction and building materials players here so they can chart their forward strategically.
“Being sustainable and innovative are important and we believe that Malaysian MTCs are competitive in providing such products and services to the locals,” she said.
Based on the latest data from its National Economic and Development Authority, Matrade said that currently, the Philippine government has approved 185 infrastructure projects.
Meanwhile, driven by the Asean Free Trade Agreement since 1992, Malaysia and the Philippines have continued to experience growth in bilateral trade, with a total trade at RM36.12 billion in 2023, ranking the Philippines as the 16th largest trading partner of Malaysia.
Matrade said that for the past five years, total exports for both countries showed a positive compound annual growth rate of 7.3 per cent from RM18.61 billion to RM26.45 billion.
MTCDP was introduced in 2014 as one of the government’s high-impact capacity-building programmes under the Malaysian Development Plan to accelerate MTCs’ export growth so that they could become regional and global champions.
To date, 348 MTCs from several sectors, such as electrical and electronics, aerospace, automotive, machinery and equipment, and oil and gas, have participated in the programme.