As part of the continuous efforts to promote trade with the Philippines, the Malaysia External Trade Development Corporation (MATRADE) has accelerated efforts to promote its food and beverages (F&B), healthcare, ICT and other products particularly biotechnology products.
At the recent Export Acceleration Mission to Manila, MATRADE together with the Ministry of Entrepreneur Development and Cooperatives (MEDAC) and the SME Bank presented products from 12 Malaysian companies in the Export Acceleration Mission (EAM).
“This strategic collaboration is well-timed to assist Malaysian SMEs in export activities and diversifying into new market. To make this effort more effective, MATRADE needs all the support it can get including from SMEs, to realize this goal,” according to MATRADE’s Deputy Chief Executive Officer (Exporters Development) Abu Bakar Yusof.
The EAM aims is to promote products and services to Philippines by providing a platform for Malaysian companies to explore and identify new business opportunities through business matchings, pitching sessions as well as market visits. It is an excellent platform to penetrate the market, leveraging on the participation of high-profile and prominent Philippine market players who are looking for new business opportunities.
Driven by the ASEAN Free Trade Agreement (FTA) that came into force in 1992, Malaysia and Philippines have continued to experience growth in bilateral trade. Malaysia’s exports to the Philippines increased by 29.5 percent to RM13.84 billion ($3.23 billion; 1.9% share to total export), compared to RM10.69 billion ($2.60 billion) in the same period of 2021.
The top 5 main exports were electrical & electronic products, palm oil & palm oil based agricultural products, petroleum products, chemical & chemical products and iron & steel.Philippines is ranked as Malaysia’s 15th and Malaysia ranked as 10th Philippine’s trading partner globally in 2021.
“Since 1993, MATRADE has been instrumental in facilitating the inclusion of Malaysian companies in the global supply chain through our Exporters Development and Export Promotion Programs. Moving forward, we will ramp up our efforts for more Malaysian products and services gaining entry into the world arena,” Abu Bakar said.