SME BANK EXPORT MISSION 2024 EXCEEDS TARGETS, SECURES US$15 MLN POTENTIAL SALES

KUALA LUMPUR, June 28 (Bernama) -- SME Bank Malaysia has secured potential sales of US$15 million at its fourth Export Acceleration Mission (EAM) for 2024 in the United States (US).

SME Bank said the event, which coincided with the Summer Fancy Food Show 2024 at the Javits Center in New York, exceeded expectations as the initial target for the latest EAM was to achieve potential sales of US$10 million, along with inquiries from distributors and chain stores across the US.

SME Bank group president and chief executive officer Datuk Aria Putera Ismail said since its inception in 2020, the EAM has witnessed the enrollment of 80 companies, achieving remarkable export revenue of RM187.68 million as of December 2023.

“Remarkably, there has been an incremental export revenue of RM74.56 million during the same period. The programme's success stories are evident, with 35 companies successfully penetrating new export markets, including the Maldives, Australia, the United Kingdom, Qatar, and the US. 

“Additionally, 13 companies have obtained new or additional financing totalling RM143.95 million, contributing to the creation of 10 new exporters," he said in a statement today.

The bank said during the event, approximately 3,000 buyers and visitors from North America, South America, and Europe visited the booth.

Nearly 200 interested buyers were recorded, with 55 per cent being authorised purchasers. Among these buyers, 52 per cent are distributors, wholesalers, and retailers.

Featuring 11 companies from the Business Exports Programme (BEP) in the food and beverage industries, SME Bank aims to equip these BEP participants with specialised guidance from Enescorp International LLC, a seasoned market linker.

This assistance aimed to help them navigate the demanding landscape of the US market and introduce local flavours to American consumers.

By leveraging initiatives such as the BEP and EAM, SME Bank urges additional Malaysian micro, small, and medium enterprises (MSMEs) to grasp the chance to venture into the US market, propelling their businesses to success.

The bank also said with support from the Ministry of Entrepreneur and Cooperatives Development (MECD) and the Malaysia External Trade Development Corporation (MATRADE), the EAM is a platform for MSMEs in the BEP to showcase their innovative products and services internationally.

-- BERNAMA