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Malaysia – Matrade: Border closure is no barrier to business
KUALA LUMPUR: Local companies should view the pandemic situation and the international border closures as an opportunity instead of a barrier to expand business overseas.
Malaysia External Trade Development Corp (Matrade) deputy chief executive officer Sharimahton Mat Salleh said local companies should not be contented with the domestic market and should double their efforts to expand their market share.
She said the companies should instead take advantage of the current challenging period, given that many of their foreign competitors are “muting” their operations, and start searching for potential buyers or partners who are still keeping their business going.
“There is an abundance of opportunity (to penetrate the overseas market) as shown in our last trade figures (June and July) where exports have rebounded strongly, ” she said.
Malaysia’s exports grew 3.1% to RM92.53bil in July this year compared with RM89.76bil in July 2019.
“If the companies are already in talks with other parties but cannot deliver now due to hiccups like low capacity, manpower shortage and lower cash flows, they should at least reconnect and explain the situation.
“Do something in a right and persistent manner so the foreign companies will see their determination to secure the deal, ” she said.
Sharimahton said local companies should also engage with Matrade to explore market opportunities and assistance, especially those offered under eBizMatch, Matrade’s virtual one-to-one business matching platform.
From Jan 1 until July 31, a total of 576 business matchings were done where 395 foreign buyers were matched to 538 Malaysian companies, registering a sales potential of RM461.35mil.
She said Matrade had been actively engaging with trade commissioners in 46 locations worldwide.
“In the new norm, digitalisation plays an important role, especially in business matching and trading with other nations.
“The e-commerce business showed drastic improvements even though they are not involved in exports on a large scale, ” she said.
To encourage more local companies’ participation in international virtual meetings and exhibitions, Matrade’s Market Development Grant (MDG) has been expanded to include fees, digital marketing tools and marketing blasts, among others, she said.
It also includes the reimbursement of up to 30% of total logistic costs, up to a maximum of RM15,000.
The MDG was introduced in 2002 to help exporters promote Malaysian-made products. — Bernama
Source: https://www.thestar.com.my/business/business-news/2020/09/03/matrade-border-closure-is-no-barrier-to-business