MATRADE Committed To Boosting Foreign Trade Through Budget 2025
KUALA LUMPUR, Oct 22 (Bernama) -- The Malaysian External Trade Development Corporation (MATRADE) will continue as the country's export promotion agency under Budget 2025 to help Malaysian companies to remain competitive in foreign markets.
Chairman Datuk Seri Reezal Merican Naina Merican said the budget allocation announced by Prime Minister Datuk Seri Anwar Ibrahim is in line with the core function of MATRADE in developing the national economy through exports.
“The announced Budget 2025 initiative is not only capable of strengthening the capacity development and sustainability of companies, but also supports export promotion activities that are able to drive higher export potential. MATRADE remains committed to being a leader in Malaysia's export development and pushing the country's economy to a higher level," he said.
The agency said it welcomes the allocation of RM40 million that will be channelled through the market development grant (MDG) to help Malaysian exporters, especially micro, small and medium enterprises (MSMEs) to continue to be involved in export promotion activities whether inside or outside the country.
MATRADE said the grant has helped Malaysian companies to access existing and new markets more easily, especially the African, Latin American and Middle Eastern markets.
"MSMEs participating in international trade fairs abroad can apply for a grant of up to RM25,000 while participating in trade promotion missions where business matching (B2B) is held can apply for a grant of up to RM10,000.
"The maximum limit for claim back under the MDG has been increased from RM200,000 to RM300,000 for each SME company that participates in any export promotion programme allowed under the MDG," he said.
Meanwhile, MATRADE welcomes the allocation of RM1 billion funds provided through Khazanah Nasional for mid-tier companies through strategic collaboration for financing purposes that support the building of local companies' capabilities.
With this collaboration, MATRADE can provide additional financing, business guidance as well as access to international markets.
Also, in order to increase the competitiveness and export capacity of Malaysian companies, MATRADE will work with EXIM Bank to take advantage of the RM750 million allocation provided under the Exporter Sustainability Incentive Scheme.
He said the collaboration is expected to boost the country's export potential where Malaysian companies can reap benefits through capacity building to create sustainable and resilient companies, future-proof or immune to future challenges.
MATRADE also welcomes the allocation of RM20 million in funds allocated for the development of the halal industry to increase the capacity of Malaysian halal companies and further help accelerate the achievement of the halal export value target under the HIMP by 2030.
As one of the sectors that plays an important role in driving the country's economy, it is expected to reach a value of US$5.0 trillion by 2030, with an annual growth rate of 3.5 per cent.
"The halal export value is expected to increase to RM75.2 billion in 2030.
"Meanwhile, the proposed merger of several government entities including MATRADE and HDC is seen as an effort by the government to optimise the use of resources and increase productivity in an integrated manner, especially in efforts to strengthen the country's halal industry and brand," he said.
-- BERNAMA