Malaysia’s trade projected to hit RM1.6tril this year
Market gains likely to be driven by strong growth in electrical and electronics trade segment
FARAH ADILLA KUALA LUMPUR mediaprima.com.my
THE government expects trade to reach RM1.6 trillion this year following an encouraging boost recorded in the last quarter, said Second International Trade and Industry Minister Datuk Seri Ong Ka Chuan.
The new target is against the RM1.48 trillion trade recorded last year, which will be mainly driven by the strong growth in electrical and electronics (E&E) trade segment.
“As of September, we already achieved RM1.3 trillion. With three more months to go, we can easily supersede last year's figure,” he said after delivering his keynote address at the National Investment Seminar 2017, here, yesterday.
Ong said the ministry urged local industry players to take advantage of facilities and support provided by the government to ensure the long-term competitiveness of their businesses.
“Miti, Mida (Malaysian Investment Development Authority) and our other agencies have been doing many outreach programmes, especially towards building the capabilities of our local industry players and small and medium sized companies (SMEs).
“However, there is still a lack of awareness among the business community in the facilities and support provided by the government,” he said.
Mida chief executive officer Datuk Azman Mahmud said many domestic industry players had yet to leverage on the facilities available.
“This is why we continue to undertake engagements. We seek to provide updated information on relevant policies and facilities towards enabling the business community to make informed decisions in expanding their operations further,” he said.
Meanwhile, Ong said that SME Corp and MIDF had launched SME Emergency Fund to aid SMEs affected by floods in Penang.
He said with the emergency fund, it should ease the burden of SMEs and enable them to rebuild their businesses.
With an allocation of RM10 million, the fund could allocate a maximum assistance of RM100,000 for each company.