KUALA LUMPUR: Malaysia External Trade Development Corporation (Matrade) will organise the participation of 12 Malaysian companies in the Export Acceleration Mission (EAM) to Manila, the Philippines from August 22-26 ​​to support the recovery of small and medium enterprises in the endemic phase.
This will in collaboration with Ministry of Entrepreneur Development and Cooperatives (Medac) as well as SME Bank.
Matrade deputy chief executive officer (exporters development) Abu Bakar Yusof said the collaboration was vital to enhance Malaysia's trade competitiveness.
"The strategic collaboration between Matrade, Medac and SME Bank signifies the importance of synergy within the trade ecosystem in strengthening Malaysia's trade competitiveness as recommended by the National Trade Blueprint (NTBp)," he said.
Matrade said it continued to establish and leverage strategic collaborations with various ministries, agencies, foreign embassies and trade industry associations in implementing export-related programmes to create more opportunities for Malaysian business communities.
As one of Malaysia's important export destinations in Asean, Matrade said the Philippines offered ignificant export opportunities for a wide range of industries.
For January to June 2022, Malaysia's exports to the Philippines grew 29.5 per cent to RM13.85 billion from RM10.69 billion during corresponding period last year.
The Philippines ranked as Malaysia's fifth largest export destination within the region last year, with total exports amounted to RM22.63 billion, an expansion of 28.5 per cent compared to 2022.
Matrade said the e-commerce market in the Philippines had seen robust growth, reaching US$17 billion sales in 2021, mainly contributed by 73 million active online users.
This figure is expected to reach US$24 billion, with 17 per cent growth through 2025.
"This initiative is timely as there is a rising demand driven by the rise of e-commerce and Philippines' large consumer base.
"This makes the Philippines an interesting destination for Malaysian companies to expand their global footprint," Abu Bakar added.
