MANILA -- Mid-tier companies from Malaysia are in the country for a market immersion mission in Manila this week.
The Malaysia External Trade Development Corp. (MATRADE), Malaysia’s trade promotion agency, organized the business mission from Nov. 26 to 28, seeking to build networks with potential business partners and buyers from the Philippines.
The business mission is led by MATRADE Deputy Chief Executive Sharimahton Mat Saleh.
In a press briefing in Makati City Tuesday, Sharimahton said the visiting mid-tier firms in the country are in the sector of manufacturing, energy, construction, information technology, and food and beverages.
These companies include Lubetech Sdn. Bhd., MMK Spices Sdn. Bhd., Life Water Industries Sdn. Bhd., Plus Solar System Sdn. Bhd., Starken AAC Sdn. Bhd., and Auto Count Sdn. Bhd.
Sharimahton noted that these firms have not yet made their presence felt outside Malaysia and are looking for opportunities overseas, particularly within ASEAN.
“We believe there’s a lot more potential that we can explore within the ASEAN member states,” she said, noting that Malaysia’s intra-ASEAN trade only account for 22 percent of its total trade.
The Malaysian trade official also said mid-tier companies may be few in terms of number of establishments in Malaysia, but they contribute 33 percent to their country’s gross domestic product (GDP).
MATRADE Manila Trade Commissioner Siti Azlina Mohd Ali Hanafiah said Malaysian construction and engineering services firms are keen to invest in the country with the government’s “Build, Build, Build” Program.
Siti Azlina mentioned that companies in the construction and engineering services earlier visited the Philippines to look for investment opportunities.
She said a precasting company is considering to put up its manufacturing plant in the country. The company is still in the process of identifying where it will source its raw materials, or if there are raw materials for its production already available in the Philippines.
Meanwhile, Sharimahton said Malaysia’s investments in the Philippines during the first semester of 2018 reached USD69.38 million. This surpassed their total investments for the full year of 2017 at USD9.93 million. (PNA)
