Recognizing the opportunities in growing infrastructure and development projects in the Philippines, Malaysia External Trade Development Corporation (MATRADE), the national trade promotion agency under the Ministry of Investment, Trade and Industry (MITI) Malaysia is spearheading the Market Immersion Mission to the Philippines from 12 to 15 March 2024 covering two cities, namely Davao and Manila.
The Head of Delegation from MATRADE for the mission, Ms Noor Ezwanee Ahmad said that the mission is participated by five (5) Malaysian mid-tier level companies from various sectors including building materials, construction services and renewable energy. These companies are Gading Kencana Sdn Bhd, Shorefield Sdn Bhd, Konsortium URW Sdn Bhd, CMC Engineering Sdn Bhd, Ranhill Bersekutu Sdn Bhd and Wei Dat Steel Wire Sdn Bhd.
According to MATRADE Trade Commissioner in Manila, Intan Zalani, “This mission will provide an enormous opportunity for Malaysian companies to establish their presence in the Philippines’ market and expand key business relationships. With emerging infrastructure projects with focus on smart cities and sustainability initiatives as well as booming construction industry in the Philippines, this mission will offer valuable prospects for Malaysian-made products and services that are synonymous with quality and compliance with international standards”.
MATRADE through its Manila office coordinated 30 one-to-one business meetings and engagements with leading importers and potential partners.
Complementing this programme that have been arranged for the Malaysian companies include Seminar on Doing Business with Malaysia which will be held in Davao, site visit to National Government Administrative Centre in New Clark City, and other engagements.
As partner at the Philippine World Building and Construction Expo (WORLDBEX) 2024 Manila, the delegates had a networking sessions with relevant authorities, associations and industry players. This is part of MATRADE’s efforts to familiarize the Malaysian companies with rules and regulations on doing business in the Philippines.
During the networking dinner in conjunction with the event held at the Embassy of Malaysia in Manila, Ambassador of Malaysia to the Philippines, Dato’ Abdul Malik Melvin Castelino said that the Embassy is committed in facilitating Malaysian businesses to access the Philippines’ market, as part of the effort to strengthen the bonds of friendship and cooperation with the Philippines.
He added that, “Together, we can create more opportunities for development and growth for both of our countries, as we as a region march forth in our pursuit for economic and social betterment of our people”.
From January – December 2023, total trade between Malaysia and the Philippines were valued at USD7.91 billion ranking the Philippines as the 16th largest trading partner of Malaysia. The Philippines was also ranked as Malaysia’s 15th largest exports destination with exports valued at USD5.79 billion. Meanwhile for imports, the Philippines was Malaysia’s 16th largest source of imports valued at USD2.12 billion. For the past 5 years, total exports for both countries showed a positive Compound Annual Growth Rate (CAGR) of 7.3% from USD4.49 billion to USD5.79 billion. Among the top 5 main exports from Malaysia to the Philippines were petroleum products, electrical & electronic products, chemical & chemical products, palm oil & palm oil based agricultural products, and processed food.
Philippines’ companies who are looking to source for Malaysian products and services can connect with MATRADE Manila at [email protected] to receive the latest market updates and information on business opportunities.