Malaysia’s Ministry of International Trade and Industry (MITI) has made a modest growth forecast for the country this year, saying the national economy will grow between 1% and 2% as it was not spared from the fallout from the global economic slowdown.
Trade Minister Datuk Seri Mustapa Mohamed said the government is adopting a new export promotion campaign in an attempt to stimulate the export sector.
“We are working very hard to further diversify our export markets and in promoting Malaysia,” he said in a report by Bernama News.
In 2015, Malaysia’s total trade grew 1.2% to MYR1.5 trillion (US$363.1 billion), with exports expanding 1.9% to a new high of MYR779.95 billion, while imports rose a marginal 0.4% to MYR686.65 billion.
Mustapa said that despite the challenging external environment this year, the country managed to record an improvement in trade performance in the first half of 2016 at MYR704 billion, up 1.3% from the same period last year.
The expansion was mainly supported by trade with the U.S., China, European Union, ASEAN, and Turkey.
Moving forward, Mustapa said the Malaysia External Trade Development Corporation (MATRADE) will continue to develop the capacity and capabilities of Malaysian exporters.
In the first half of 2016, some 46 export training programs were held, attended by over 7,500 participants from some 4,600 companies. A total of 74 export training programs are planned for 2016.
Launch of MPP
In related developments, MITI in a statement said Malaysia is currently the world’s 23rd largest exporting country, but Mustapa said this should not be cause for complacency.
The minister said Malaysia must continue diversifying its trade and injecting more creativity into its promotional activities. “We need to ensure that Brand Malaysia is more visible out there—not just as a preferred trading partner, but also as an attractive investment and tourism destination.”
He said that to realize this objective, the public-private partnership Malaysia Promotion Programme (MPP) has been launched.
The MPP “represents a more focused, coordinated and synergistic effort undertaken to boost trade and attract more investments moving forward,” the MITI statement said.
The initiative leverages on various resources including those of the ministries, government agencies, government-linked companies, private sector, and Malaysian diaspora.
Instead of working independently, the various parties involved are now coming together to promote Malaysia as a brand, Mustapa said.
In the first year of implementation, the MPP will focus on three major cities, namely, London (September 24-September 27), Shanghai (November 7-November 13), and Sydney (December 3-December 5).
The London promotional scheme aims to establish first-mover advantage following the exit of the UK from the EU by identifying new opportunities for suppliers and partners, while in Shanghai, the goal is to tap into the city’s strength as the largest commercial and financial center in China, as well as to make it an entry platform to other areas in the country.
Meanwhile, the promotion in Sydney aims to build the strong presence of the Malaysian business community, and to tap into the city’s potential for services exports including franchising, business process outsourcing, and professional services.
“The implementation of a more holistic initiative such as the MPP is in line with the National Blue Ocean Strategy adopted by the government, which emphasises on cost-effectiveness and high-impact results, to be achieved through resources-sharing among all relevant stakeholders,” added the minister.
Photo: Messe Bozen/Fiera Bolzano
