MATRADE Matches Malaysian Companies with South Korean Buyers at Its INSP
MATRADE MATCHES MALAYSIAN COMPANIES WITH SOUTH KOREAN BUYERS AT ITS INSP
THURSDAY, JULY 21, 2016, KUALA LUMPUR: MATRADE in a collaboration with Korea Importers Association (KOIMA) is organising its signature business matching programme called International Sourcing Programme (INSP) in Menara MATRADE starting today until tomorrow.
The INSP involves over 200 Malaysian companies who are meeting 157 South Korean businessmen from 64 companies. The business matching will result in 359 B2B meetings to be arranged by MATRADE. This is MATRADE’s second collaboration with KOIMA and the first initiative was initiated in 2010.
The South Korean delegation came to source for various Malaysian products and services among which include automotive parts and components, medical devices, laboratory equipment, electrical items, LED lighting, building materials and lifestyle products.
MATRADE believes that the INSP will provide ample opportunities for Malaysian companies to meet and discuss business opportunities as well as to develop potential collaborations with the Korean importers in a conducive set up.
Malaysian and South Korea have long had a strong bilateral relationship and the INSP aims to capitalise on this good relationship for the betterment of Malaysia’s trade. In 2015, South Korea was ranked 8th, as Malaysia’s largest trading partner with total trade valued at RM 56.28 billion. Total exports to South Korea were valued at RM 25.23 billion while total import stood at RM 31.05 billion.
Malaysia’s exports to South Korea in 2015 were confined to products such as LNG products at RM 7.70 billion, Electrical & Electronics at products RM 6.05 billion, Chemicals & Chemical products at RM 2.07 billion, Manufactures of Metals at RM 1.57 billion and Wood products at RM 0.79 billion. Meanwhile, the top imports from South Korea to Malaysia were Electrical and Electronic products at RM 9.19 billion, Petroleum products at RM 4.46 billion, Chemicals & Chemical Products at RM 3.79 billion, Machinery, Appliances and Parts at RM 3.22 billion and Iron & Steel products at RM 2.55 billion.
MATRADE’s and KOIMA’s (a private organisation exclusively dedicated to facilitating imports into Korea) collaboration is based on their common objectives that are to promote and enhance the sourcing of products and services from Malaysia.
