Twelve Malaysia firms from food & beverages, healthcare and ICT will explore business opportunities in the Philippines, according to the Malaysia External Trade Development Corporation (MATRADE).
MATRADE is spearheading the Export Acceleration Mission (EAM) in Manila from August 22-26 in collaboration with Ministry of Entrepreneur Development and Cooperatives (MEDAC) Malaysia and SME Bank Malaysia.
During the mission, MATRADE through its Manila office will be coordinating over 100 one-to-one business meetings with leading importers and buyers. The visiting Malaysian businessmen will also attend a seminar on Doing Business with Malaysia, market visits, and networking sessions with relevant authorities, associations and industry players. This is part of MATRADE’s efforts to familiarise the Malaysian companies with rules and regulations on doing business in the Philippines.
In a statement, MATRADE Trade Commissioner in Manila Intan Zalani said “This mission will provide an enormous opportunity for Malaysian companies to establish their presence in the Philippines’ market and expand key business relationships. With young and fast-growing population, the Philippines offer valuable prospects for Malaysian-made products and services that are synonymous with quality and compliance with international standards”.
Within ASEAN, Philippines is the 5th largest export destination for Malaysia after Singapore, Thailand, Vietnam and Indonesia. Between January to June 2022, Malaysia’s trade with the Philippines recorded double digit growth of 30.1 percent, where it reached $4.5 billion. Exports from Malaysia to the Philippines were also encouraging, increasing by 24 per cent to $3.23 billion while imports from Philippines to Malaysia grew by 44.3 per cent to $1.62 billion.