SME Corp Malaysia, OSMEP Thailand ink M0U for market access for SMES
KUALA LUMPUR: In fostering bilateral relations between Malaysia and Thailand, a memorandum of understanding (MoU) was signed between SME Corp Malaysia and the Office of SMEs Promotion (OSMEP), Thailand to further strengthen cooperation and partnership in matters of sharing of policies, expertise, and information for improving the competitiveness of micro, small, and medium enterprises (MSMEs) between the two countries.
The MoU entails special focus on exchange of information and implementation of activities in the areas of digitalisation, sustainability, and market access for MSMEs.
The MoU was signed by Rizal Nainy, Chief Executive Officer of SME Corp Malaysia and Wachira Kaewkor, Deputy Director General of OSMEP witnessed by Datuk Suriani Ahmad, Secretary General, Ministry of Entrepreneur Development & Cooperatives (MECD), Adittha Buakhamsi, Minister Counsellor from the Royal Thai Embassy, Datuk Sri Syed Hussein Al Habshee, Chairman of SME Corp. Malaysia, and Dr Apiradee Khaodhiar, Assistant Director General of OSMEP with the ceremony taking place at the side-line of the Enterprise 50 Award Ceremony (E50) 2022.
“With the signing of this MoU, we pledge continuous commitment and efforts in enhancing strategic collaboration for MSMEs’ empowerment, marketability, and internationalisation,” said Rizal who was optimistic that the MoU would improve economic cooperation and will contribute to more trade between Malaysia and Thailand.
According to the Department of Statistics of Malaysia (DOSM), Malaysia’s total trade continued to grow with a double-digit growth in October this year, surged by 21.1 per cent, reaching RM245.2 billion in the preceding year.
Exports increased by 15 per cent to RM131.6 billion, rising by 29.2 per cent year-on-year. Trade balance remained a record surplus with a value of RM18.1 billion (US$3.99 billion), despite the decrease of 32 per cent from the previous year.
Currently, Thailand is ranked as Malaysia’s 7th largest trading partner in the world and third largest trading partner in Asean.
As of the first half of 2022, Malaysia’s total trade with Thailand recorded an increase of 21.7 per cent, amounting to RM60.75 billion compared with RM47.87 billion in the same period of 2021.
Against this backdrop, SME Corp Malaysia continues to promote the development of competitive, innovative, and resilient MSMEs through effective coordination and provision of business support.