BUSINESS FORUM. The Malaysia External Trade Development Corporation holds a business forum in Davao City, on Wednesday (Nov. 20, 2019). Malaysia is looking at Mindanao as it explores business prospects in the areas of food and beverages, cosmetic products, ICT services, construction and building materials, and logistics. (PNA photo by Digna Banzon)
DAVAO CITY -- Mindanao and the rest of the Philippines in general, remains an attractive market for Malaysia, a Malaysian official said Wednesday.
Siti Azalina Mohd Ali Hanafiah, trade commissioner of Malaysia External Trade Development Corporation (MATRADE), said their members are actively looking for sectors in which to do business and partner with local traders.
During Wednesday's Malaysia-Philippines Business Forum here, Hanafiah noted the island's close proximity to Sabah and Sarawak and its accessibility within the Brunei-Indonesia-Malaysia-Philipines East Asean Growth Area (BIMP-EAGA).
"Since the island is within the framework of BIMP-EAGA, we should enhance more activities in Mindanao," she said.
She said that as of Tuesday (November 19), they already had cluster meetings in various sectors and have been exploring opportunities in food and beverages, cosmetic products, information communication technology services, construction and building materials, and logistics.
"We are still in the initial stage but we will conduct a series of discussions and meetings with prospective partners," she said.
She also added that they are looking at raw materials on agricultural produce and minerals that they can further manufacture in Malaysia.
Meanwhile, she said that the Philippines has a huge potential in the domestic market as it has about 109 million population, compared to Malaysia's 32 million.
"With this big opportunity, we encourage Malaysian companies to go out and explore the Asean markets and the Philippines is one interesting market, rather than Indonesia and Vietnam that have been exploited already," she said.
Malaysia's export to the Philippines consisted largely of electrical and electronic products, palm oil and palm-based agriculture products, chemicals and chemical products, petroleum products and machinery, equipment and parts.
She said the Malaysian economy has already transformed from agriculture to manufacturing.
"And we hope that both countries Malaysia and the Philippines would benefit from this venture as some of the companies that are here with us are looking for sites in the Philippines that they could establish manufacturing or processing plants," she added.
In her message during the business forum, Davao City Mayor Sara Z. Duterte said the MATRADE business mission would further enhance trade and investment relations between the two countries and forge ties among its business sectors.
Duterte said she hopes the activity would become a platform for local and Malaysian entrepreneurs for collaboration, not only to discuss challenges and breakthroughs in the business sector but also find ways for economic advancement and development.
"Malaysia is a priority business partner of Davao and we hope that our top quality products and businesses will possibly gain more Malaysian investors and business partners in the coming years," she said. (PNA)
