BUSINESS

MID-TIER COMPANIES WILL CONTINUE TO RECORD POSITIVE EXPORT RESULTS NEXT YEAR -- REEZAL MERICAN

14/11/2023 04:53 PM

Reezal Merican said MTCs under the Mid-Tier Company Development Programme (MTCDP) have recorded a cumulative annual revenue of RM33.90 billion in 2022, of which 61 per cent or RM20.90 billion is from revenue generated through exports.

"This export income recorded a double-digit growth of 17.6 per cent, compared to the previous year (2021) and successfully penetrated 55 new markets such as Australia, Greece, Chile and Mauritius.

"The large export contribution of these MTCs has also successfully empowered the development of the domestic supply chain which is the main pillar towards strengthening the competitiveness of MTCs in the global market," he told the media after the Mid-Tier Companies CEO Summit 2023 session held today.

He said the MTCDP is expected to show better performance next year due to the increase in number of MATRADE offices abroad next year.

"The platform with the strength of MATRADE including our 46 global offices and 49 by 2024, will further boost the visibility of Malaysian brands in international markets and solidify our exports digitally. I also want to see more MTCs get involved in the MTCDP next year. Maybe we can add 50 more companies in 2024," he added.

A total of 323 MTCs have participated in the MTCDP since 2014, including 23 MTCs for Wave 9 which will end their programme in December this year.

Reezal Merican said MATRADE also made an analysis to strengthen the presence of Malaysian companies in South Africa and South America since the two continents can provide good opportunities for local companies, especially MTCs.

"The African continent is not like what it used to be, whereby the governments are now democratically elected and we need to expand the presence of the companies in various location so that amid geopolitical tensions, it will serve as a cushion for us.

“We might also consider to internationalise the Malaysia International Halal Showcase (MIHAS) so that it can open more doors for MTCs," he added.

Meanwhile, chief executive officer Datuk Mohd Mustafa Abdul Aziz said MATRADE is boosting its engagement with industry associations in order to identify companies that are capable of exporting, particularly as MATRADE looks to expand into new markets such as South American and South African countries.

"While we continue aggressively to penetrate new markets, MATRADE continues to advocate the sustainability agenda within our MTCs, with sustainability being a critical factor in international trade. Our MTCs have proven time and again that they are capable of complying with market requirements,” he said

-- BERNAMA


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