The Malaysia Foreign Trade Development Corporation (Matrade) Digital Trade Platform (MDTP) has successfully passed its five-year target in less than a year of its preliminary launch.
MDTP, launched in July 2022 in collaboration with data technology market leader Fusionex Group, is an artificial intelligence (AI) business platform that aims to maximize Malaysia’s export potential and help small and medium-sized businesses. (SMEs) to expand their businesses globally.
10/Jun/2023Fusionex CEO Datuk Seri Ivan Tan said that in terms of revenue and sales, more than RM100 million transactions were recorded through MDTP.
“We have more than 1,200 SMEs already on board right now. If you look at the turnout today and if you multiply by 10 products for each of them, we already have around 15,000 SKUs on board,” he told reporters after the official launch of MDTP here today.
MDTP was also expected to attract a total of 50,000 SMEs in 10 years.
It has successfully welcomed numerous international buyers from China, Japan, Korea, USA, UK, Germany, Saudi Arabia, India, Dubai, Indonesia, Philippines, Singapore, Myanmar, Thailand, Vietnam, Cambodia, Laos and Brunei.
Companies in these countries span a variety of sectors, including franchising, oil and gas, palm oil, commodities, materials, food and beverage, pharmaceuticals, toiletries and cosmetics, information and communication technology, and more.
Matrade Deputy Director General (Exporter Development), Abu Bakar Yusof, said MDTP is critical to boosting and accelerating the participation of SMEs in the export market.
He said that although SMEs contributed 40% of the country’s GDP, their contribution to the export market remains relatively small, with the segment’s exports amounting to 10.9% of Malaysia’s total exports of RM1.55 trillion. registered in 2022. “This (10.9 per cent) RM169 billion seems big, but it is small compared to total exports. Therefore, it is the responsibility of Matrade to prepare more micro, small and medium-sized companies (MSMEs) to venture into the export sector, ”he said.
The SME segment made up 97.2 per cent of the total registered business in Malaysia.
Abu Bakar said that Matrade would continuously embrace public-private partnership (PPP) to boost Malaysia’s exports to remain relevant and competitive in the global arena.
Through the platform, Matrade said it had formed strategic partnerships with key ASEAN markets, associations, state governments, international markets and leading financial, insurance and logistics partners to empower MDTP members to explore global business opportunities.
Category: Malaysia
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