Malaysian Companies Notched RM152 Million in Potential Sales At BuildXpo 2024
KUALA LUMPUR, 23 OCTOBER 2024, (WEDNESDAY): The Malaysia External Trade Development Corporation (MATRADE) is proud to announce the successful conclusion of the International Sourcing Programme (INSP) in conjunction with BuildXpo 2024. The INSP further solidifies Malaysia's position as a global sourcing hub for high-quality products and services in the construction industry, held alongside the exhibition, which aims to promote Malaysia’s construction and building materials sector.
The programme, which facilitated pre-arranged business meetings between Malaysian companies and international buyers, has resulted in potential trade deals valued at over RM152 million and served as a platform for discussing emerging technologies, sustainable practices and trade opportunities within the construction sector. The initiative attracted a diverse group of 11 international buyers representing 8 countries such as Qatar, Australia, Hong Kong, Poland, Egypt, the Republic of China, Thailand and Vietnam creating a thriving environment for trade and collaboration.
Datuk Mohd Mustafa Abdul Aziz, Chief Executive Officer (CEO) of MATRADE emphasised, “The event had gathered key stakeholders from the construction sector, showcasing a tremendous array of innovations and fostering industry partnerships. In 2023, exports of construction services generated RM9 billion in revenue, reflecting the country’s growing role in the global market. Malaysian firms are particularly competitive in project management, sustainable building techniques, and Industrialized Building Systems (IBS), which are increasingly being used in large-scale developments abroad.”
“The global transition towards sustainability and green construction has opened new doors for Malaysia’s construction industry. Demand for eco-friendly products is especially strong in developed markets like the EU, where stringent environmental regulations require sustainable construction solutions”.
“MATRADE plays a critical role in promoting Malaysia’s construction sector internationally. Through our 49 offices worldwide, MATRADE has facilitated partnerships between Malaysian firms and international developers, assisting local companies in securing contracts on high-value projects in Africa, Southeast Asia and the Middle East. We are committed to expanding our footprint in key export markets” he added.
Urging the construction companies to apply digital technology such as the use of artificial intelligence (AI), Building Information Modelling (BIM) as well as the adoption of Environmental, Social and Governance (ESG) practices to keep in line with the current changes, Datuk Mohd Mustafa stated that this would empower local companies and bridge the productivity gap, ensuring they remain competitive on the international stage.
Mr. Ehab Youssef Abousheishaa, a buyer from Qatar shared, “We were impressed by Malaysia’s expertise in sustainable building solutions, which is crucial for the construction industry as we move toward greener infrastructure. The innovation and quality of the products we have seen are exactly what we need, to meet the growing demands in our market. The INSP meetings allowed us to identify suppliers who align with our green building goals”.
MATRADE will continue to promote Malaysia as a key sourcing destination for construction materials and solutions through initiatives like the INSP. With increasing global demand for sustainable and innovative products, MATRADE expects the success of this year’s programme to pave the way for more trade opportunities in the coming years. From 26-29 November 2024, MATRADE will lead Malaysia’s participation at Big 5 Global 2024, Dubai, UAE to explore the opportunities available in the Middle East and its neighbouring markets.
