KUALA LUMPUR: The International Trade and Industry (Miti) expects the country’s total trade to grow between one and two percent this year amid volatile global economic situation. Minister Mustapa Mohamed said this was a modest projection as the country was not spared from the effects of the global economic slowdown.
“We are working very hard to further diversify our export markets and in promoting Malaysia,” he told a press conference after attending a Merdeka Day celebration organised by the Malaysia External Trade Development Corporation (Matrade).
In 2015, Malaysia’s total trade grew 1.2 percent to RM1.466 trillion, with exports expanding 1.9 percent to a new high of RM779.95 billion while imports rose a marginal 0.4 percent to RM686.65 billion. Mustapa said despite the challenging external environment this year, the country managed to record an improvement in trade performance in the first half of 2016 (H1 2016), at RM704 billion, up 1.3 percent from the same period last year.
The expansion was mainly supported by trade with the United States, China, the European Union, Asean, as well as Turkey. Moving forward, he said Matrade would continue to develop the capacity and capabilities of Malaysian companies to export their products.
In H1 2016, some 46 export training programmes were held, attended by over 7,500 participants from some 4,600 companies. A total of 74 export training programmes have been planned for 2016. Meanwhile, Miti in a statement said Malaysia is currently the 23rd world’s largest exporting country.
“However, we must not be complacent. Against the backdrop of challenging economic outlook, we must work harder and continue to punch above our weight,” Mustapa was quoted as saying in the statement. The minister said it was imperative for Malaysia to 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.
“With this in mind, the Malaysia Promotion Programme (MPP), a public-private partnership, has been introduced to achieve this objective,” he said. The MPP represents a more focused, coordinated and synergistic effort undertaken to boost trade and attract more investments moving forward.
The initiative leverages on various resources including the ministries, government agencies, government-linked companies, private sector as well as Malaysian diaspora. Instead of working independently, the various parties involved are now coming together to promote Malaysia as a brand, Mustapa said.
