Matrade's Digital Trade Platform Exceeds Five-year Target In First Year

KUALA LUMPUR, June 14 (Bernama) -- The Malaysia External Trade Development Corporation’s (MATRADE) Digital Trade Platform (MDTP) has successfully outstripped its five-year target in less than one year of its soft launch.

MDTP, introduced in July 2022 in collaboration with data technology market leader Fusionex Group, is an artificial intelligence (AI) trade platform that aims to maximise Malaysia’s export potential and assist local small and medium enterprises (SMEs) in expanding their businesses globally.

Chief executive officer Fusionex Datuk Seri Ivan Teh said that in terms of revenue and sales, more than RM100 million transactions were recorded through MDTP.

“We have more than 1,200 SMEs that are on board already right now. If you look at the turnout today and if you multiply with 10 products for each of them, we already have about 15,000 stock-keeping units (SKUs) on board,” he told reporters after the official launch of MDTP yesterday.

MDTP was also expected to attract a total of 50,000 SMEs in 10 years. 

It has successfully welcomed numerous international buyers from China, Japan, Korea, the US, the UK, Germany, Saudi Arabia, India, Dubai, Indonesia, the Philippines, Singapore, Myanmar, Thailand, Vietnam, Cambodia, Laos and Brunei.

The businesses from these countries span diverse sectors, including franchising, oil and gas, palm oil, commodities, materials, food and beverages, pharmaceuticals, toiletries and cosmetics, information and communication technology, and more.

Deputy CEO (Exporters Development) of MATRADE, Abu Bakar Yusof, said MDTP is crucial to driving and expediting SMEs’ participation in the export market.

He said that although the SMEs contributed 40 per cent of the nation’s GDP, their contribution to the export market is still relatively small as the segment’s export amounted to 10.9 per cent of Malaysia’s total export of RM1.55 trillion recorded in 2022.

“This (10.9 per cent) of RM169 billion looks big, but it is small compared to the total exports. Therefore, it is MATRADE’s responsibility to prepare more micro, small and medium enterprises (MSMEs) to venture into the export sector,” he said. 

The SME segment constituted 97.2 per cent of total registered business in Malaysia.

Abu Bakar said MATRADE would continuously embrace the public-private partnership (PPP) in driving Malaysian exports to remain relevant and competitive in the global arena. 

Through the platform, MATRADE said it had formed strategic partnerships with key Asean markets, associations, state governments, international marketplaces and leading financial, insurance and logistics partners to empower MDTP members to explore global trade opportunities.

-- BERNAMA