Matrade optimistic about trade outlook next year

PETALING JAYA: Malaysia External Trade Development Corp (Matrade) has expressed its optimism for the country’s trade economy next year on the back of penetration into new markets and keeping its market share in Asean, North-East Asia as well as China.

Matrade chief executive officer Datuk Mohd Mustafa Abdul Aziz said the aggressiveness and dynamism of local companies will help to secure a much bigger market share.

“What is important for us is to continue motivating these companies that the biggest share of the ‘cake’ is basically out there,” he told the media after the Mid-Tier Companies (MTCs) CEO Summit 2023, yesterday.

He said Malaysia has achieved a record-breaking trade performance in 2022, valued at RM1.55 trillion, which exceeded its 2025 export target for the 12th Malaysia Plan three years in advance.

Chairman Datuk Seri Reezal Merican Naina Merican said Matrade will continue to increase the visibility of Malaysian brands from 46 to 49 in 2025, as well as going full fledged towards digitalisation, via the myTRADEDIGITAL platform.

“In the pipeline, there are more plans to expand the inclusiveness of myTRADEDIGITAL towards a complete ecosystem, merging our domestic businesses and global audience,” he said.

He said Matrade will also continue to intensify the supply chain development agenda that incorporates strong elements of sustainability in 2024, spearheaded by the Malaysian Consortium of Mid-Tier Companies.

He expressed confidence there will be other opportunities for import substitution as he believes Malaysia is a country with a lot of resources, plenty of skilled workers as well as having the ability to compete competitively in the global arena.

“What is lacking for them is to get the connector, so we are the connector.

“We want to get these people connected to the market, as well as identifying premium buyers and get these people matched by our local suppliers,” he said.

Reezal said collaboration is essential for companies to stay relevant, competitive, and ultimately, sustaining all of that throughout, especially through today’s rapidly changing business environment.

“Companies that are able to collaborate effectively are better positioned to succeed in the long term,” he said.

He said the government has high hope for MTCs to come onboard in grooming local SMEs in the global supply chain.

Reezal said Matrade will continue to identify and develop more MTCs across the country to create future global champions.

He said MTCs have bolstered the supply chain by engaging more than 9,000 micro, small and medium enterprises as vendors and suppliers, while creating 5,500 new jobs.