Malaysian, PH firms strengthen ties

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Twelve Malaysian companies have collaborated with local partners to promote food and beverages (F&B), healthcare, information and communication technology and other products particularly biotechnology industries.

The companies were part of the Export Acceleration Mission (EAM) to Manila from August 22 to 26.

The EAM is a joint undertaking of the Malaysia External Trade Development Corporation (MATRADE), together with the Ministry of Entrepreneur Development and Cooperatives (MEDAC), as well as SME (Small and Medium Enterprises) Bank.

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“This strategic collaboration is well-timed to assist Malaysian SMEs in export activities and diversifying into new market. To make this effort more effective, MATRADE needs all the support it can get including from SMEs, to realize this goal”, said Abu Bakar Yusof, MATRADE deputy chief executive officer (Exporters Development).

EAM aims to promote products and services to the Philippines by providing a platform for Malaysian companies to explore and identify new business opportunities through business matchings, pitching sessions as well as market visits, MATRADE said in a statement.

It added EAM is an excellent platform to penetrate the market, leveraging on the participation of high-profile and prominent Philippine market players who are looking for new business opportunities.

Driven by the Asean Free Trade Agreement (FTA) that came into force in 1992, Malaysia and Philippines have continued to experience growth in bilateral trade.

Malaysia’s exports to the Philippines increased by 29.5 percent to $3.23 billion or 1.9 percent share to total export, compared to $2.6 billion in the same period of 2021.

The top five main exports were electrical and electronic products, palm oil and palm oil based agricultural products, petroleum products, chemical and chemical products and iron and steel.

The Philippines is ranked as Malaysia’s 15th and Malaysia ranked as 10th Philippines’ trading partner globally in 2021.

 

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