KUALA LUMPUR (Nov 6): Kuala Lumpur plays an important role in the country’s economic growth, recording an export value of RM49.54 billion, an increase of 4.9% in the first nine months of 2024 (9M2024), compared to the same period last year, according to the Malaysia External Trade Development Corporation (Matrade).

Matrade chairman Datuk Seri Reezal Merican Naina Merican said this positive growth is driven by key sectors, including refined petroleum products, integrated electronic circuits, telecommunications equipment, parts, and accessories.

He noted that Kuala Lumpur is one of the critical destinations in the national export sector, given its export connectivity to major trading partners, such as China, the United States, Indonesia and Singapore last year.

“The importance of Kuala Lumpur is also reflected in its economic growth rate, which increased by 3.7% in 2023, compared to 9.4% in the previous year, with a gross domestic product (GDP) value of RM249.3 billion.

“Kuala Lumpur is also one of the four states that recorded growth exceeding the national growth rate (3.6%) in 2023,” he said in his speech at the opening of the Kuala Lumpur Export Day 2024 here on Wednesday.

He added that Kuala Lumpur registered a trade value of RM157.87 billion, up 3.6% in 2023 from the previous year, while total exports amounted to RM66.24 billion, an increase of 0.6%.

Thus, the organisation of Kuala Lumpur Export Day 2024 aligns with the Federal Territory’s performance as the fourth-highest state in terms of trade value in 2023, following Penang, Selangor, and Johor.

Besides that, the selection of Kuala Lumpur to host this edition of Export Day was also due to the number of exporting companies registered in Matrade’s Exporters Database (MER), with 2,654 companies from Kuala Lumpur, representing 18.4% of the 14,464 exporters registered with MER as of Oct 31, 2024. 

Of this total, 2,454, or 92.5% are micro, small, and medium enterprises (MSMEs).

“I am confident that there are still companies in Kuala Lumpur with export potential, and I encourage more companies to register with Matrade,” he said.

As of October 2024, 444, or 22.9% of 1,940 Kuala Lumpur companies, have participated in 47 export promotion programmes organised by Matrade, achieving sales of RM6.53 billion, or 39.8% of total sales of RM16.42 billion. 

Apart from that, 542 companies have benefitted from the exporter development programme, with grants totalling RM11.93 million, generating export sales of RM1.55 billion.

“Matrade, as the country’s main trade promotion agency, will continue implementing radical transformations in trade promotion, including rebranding, digitisation, and sustainability,” he said.

He also announced that myTRADEDIGITAL, an interactive digital platform supporting trade digitisation and aiding Malaysia’s export growth, is expected to start in 2025.

Exporting companies will be able to interact virtually with the international business community, opening up opportunities for companies to expand their global markets through online sales transactions for both business-to-business (B2B) and business-to-consumer (B2C) segments.

Meanwhile, the two-day Export Day programme, from Nov 6-7, aims to empower more firms in Kuala Lumpur to become exporters, by offering various specialised programmes and export facilitation to assist these companies, especially MSMEs, in understanding the intricacies of promoting their products and services to international markets.

Additionally, participants are introduced to export readiness with engaging content shared, such as pricing and export contracts, the benefits of Free Trade Agreement markets and export documentation, basic market research, and international market opportunities. 

This event is the final series of the Export Day 2024 programme, following successful events in Melaka, Penang, Sarawak, and Selangor, which were attended by over 1,000 participants. Export Day will continue in 2025, in other states to be announced later.

Among the strategic partners for Kuala Lumpur Export Day 2024 are Affin Bank Bhd (KL:AFFIN), Alibaba.com, Exim Bank Malaysia, FedEx Malaysia, Malaysian Industrial Development Finance Bhd (MIDF), and S&P Global Market Intelligence.

https://www.theedgemarkets.com/node/732984