Malaysia seeking bigger trade with Philippines
THE Malaysia External Trade Development Corp. (Matrade), together with the Ministry of Entrepreneur Development and Cooperatives and the Small, Medium, Enterprise Development Bank, is eyeing business partnerships and opportunities in the Philippines.
“Our purpose here is to renew our friendship with the Philippines and continue our partnership as we help each other’s economy grow more coming out of the pandemic,” Abu Bakar Yusof, deputy chief executive officer of Matrade Exporters Development, said.
With 12 Malaysian companies in tow, the objective of the Export Acceleration Mission (EAM) to Manila is to promote products and services to the Philippines by giving Malaysian companies a chance to explore and identify new business possibilities through business matching, pitching sessions as well as market visits.
As part of the continuous efforts to promote Malaysian capabilities in the food and beverages, health care, information communications technology and biotechnology, Yusof said that Malaysian small and medium enterprises are also seeking export activities and diversifying into new markets.
Driven by the Asean Free Trade Agreement, Malaysia and the Philippines continue to experience growth in bilateral trade. Malaysia’s exports to the Philippines increased by 29.5 percent in the first half of 2022 to $3.23 billion with a 1.9-percent share to total export, compared to $2.60 billion in the same period of 2021.
The top five main exports of Malaysia to the Philippines are electrical and electronic products, palm oil and palm oil-based agricultural products, petroleum products, chemicals and chemical products, and iron and steel.
Moving forward, Yusof hopes for more trade between the two nations as the Philippines was ranked as Malaysia’s 15th trading partner, while Malaysia was ranked as 10th Philippine’s trading partner in 2021.
“Our exports and businesses really complement each other, and I hope the Philippines can look into opportunities in bridging the growing sectors in both nations. Especially in the electric and electronics sector, which is currently in high demand post-pandemic,” Yusof pointed out.
This EAM is just one of the many initiatives by Matrade lined up for 2022. In total, there are 286 programs encompassing both exporters development and export promotion.