MATRADE'S DAVAO MISSION GENERATES RM72 MLN EXPORT VALUE

KUALA LUMPUR, Dec 5  -- The recent Export Acceleration Mission (EAM) organised in November by Malaysia External Trade Development Corporation (MATRADE) in Davao, Philippines, succeeded in generating over RM72 million in export value for 33 Malaysian companies.

In a statement today, MATRADE said the Malaysian companies represented various industries including food and beverages, personal care, ICT, logistics and building materials.

MATRADE’s Manila-based trade commissioner Siti Azlina Mohd Ali Hanafiah said Davao was the second largest growing economy in the Philippines in 2018 and also the fifth biggest economy in the country.

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“This indicates a growing potential for businesses in Malaysia. Davao offers an attractive alternative to the overcrowded Manila and Cebu.

“With President Duterte’s ‘Mindanao First’ policy, more countries are exploring this region’s potential to seek investment partners. Through investments, various export opportunities for Malaysian companies can be created,” she said.

Siti Azlina described the Philippines as a dynamic market and remains attractive for Malaysian companies with its population of 109 million.

“Davao alone has a population of over 1.6 million and can serve as a strategic entry point for Malaysia,” she said.

Among the opportunities available in Davao City are in sectors such as agribusiness, tourism- related facilities, infrastructure, real estate, halal and tourism.

In addition, Information Technology and BPOs (business process outsourcing) also showed some prospects, said MATRADE.

During the EAM, MATRADE organised activities such as business meetings with Filipino buyers and importers, networking session, seminar and roundtable discussion on doing business in the Philippines and investment opportunities as well as briefing on product registration procedures by the Food and Drug Administration (FDA) Philippines.

In 2018, Malaysia’s total trade with the Philippines increased by 2.1 per cent to reach RM26.04 billion from RM25.50 billion recorded in 2017. Total exports increased by 2.0 per cent to RM16.85 billion from RM16.52 billion while imports were up by 2.3 per cent to RM9.19 billion from RM8.98 billion.

-- BERNAMA