Promoting Innovative Malaysian Mid-Tier Companies Through Immersion to The Philippines
MONDAY, 11 MARCH 2024, MANILA: Malaysia External Trade Development Corporation (MATRADE) is committed in championing innovative Malaysian Mid-Tier Companies (MTCs) to the global marketplace. Therefore, MATRADE is debuting a customised Market Immersion Mission to the Philippines from 12 to 15 March 2024, covering two cities, namely Davao and Manila.
The Mission aims to help Malaysian MTCs gain in-depth understanding of the Philippines’ market landscape in building the relationship with key stakeholders include the Government officials, local business communities and industry experts as well as potential partners. This is important in developing and validating the demand for their market access strategies as well as mitigating potential challenges in expanding their export business to the country. A total of six Malaysian MTCs from various sectors including building materials, construction services and renewable energy are taking part in the programme.
Chairman of MATRADE, Dato’ Seri Reezal Merican Naina Merican said, “Malaysian MTCs, particularly those under MATRADE’s Mid-Tier Companies Development Programme (MTCDP) have demonstrated strong resilience, creativity, innovativeness and had strove hard to venture into new markets, where they are able to grow, accelerate the market expansion and integrate into global value chain businesses, especially in the ASEAN markets.”
Driven by the ASEAN Free Trade Agreement (AFTA) that came into force since 1992, Malaysia and Philippines have continued to experience growth in bilateral trade. From January – December 2023, total trade between Malaysia and the Philippines were valued at RM36.12 billion (USD7.91 billion), ranking the Philippines as the 16th largest trading partner of Malaysia. The Philippines was also ranked as Malaysia’s 15th largest exports destination with exports valued at RM26.45 billion (USD5.79 billion). Meanwhile for imports, the Philippines was Malaysia’s 16th largest source of imports valued at RM9.67 billion (USD2.12 billion). For the past 5 years, total exports for both countries showed a positive Compound Annual Growth Rate (CAGR) of 7.3% from RM18.61 billion (USD4.49 billion) to RM26.45 billion (USD5.79 billion). Among the top 5 main exports were petroleum products, electrical & electronic products, chemical & chemical products, palm oil & palm oil based agricultural products, and processed food.
During the Mission, Malaysian MTCs will be engaging with Philippines key players such as Davao City Chamber of Commerce, Davao Contractors Association, Asian Development Bank, and MTD Philippines apart from networking with business communities and the Philippines Small and Medium Enterprises.
MATRADE Trade Commissioner based in Manila, Intan Zalani shared that the Mission provides an opportunity for Malaysian MTCs to gain on-the-ground insights into the Philippines’ burgeoning infrastructure projects especially in Davao and Manila. Based on the latest data from the Philippines’ National Economic and Development Authority (NEDA), currently there are 185 infrastructure projects approved by the Philippines’ Government.
“We believe it is impactful for Malaysian companies to gain insights through one-on-one interaction with construction and building materials players here so they can chart their forward strategically. Being sustainable and innovative are important and we believe that Malaysian MTCs are competitive in providing such products and services to the locals,” she said.
The MTCDP was introduced in 2014 as one of the Malaysian Government’s high-impact capacity-building programmes under the Malaysian Development Plan, aimed at accelerating the export growth of MTCs so they will become regional and global champions. As of to date, a total of 348 MTCs from various sectors such as electrical & electronics, aerospace, automotive, machinery & equipment and oil & gas participated in the programme.
In line with the MADANI Economy policies and the New Industrial Master Plan 2030, MATRADE will pave the way to create more export champions, supporting the ongoing efforts to revitalise the Malaysian economy by exploring new economic strengths while concurrently ensure socio-economic values.
The MTCDP targets to promote the marketability of export-oriented MTCs with annual revenues between RM50 million to RM500 million for manufacturing companies and RM20 million to RM500 million for services companies. Interested companies in these categories are encouraged to contact This email address is being protected from spambots. You need JavaScript enabled to view it. to know more about the programme.
