MARKET DEVELOPMENT
Malaysia To Ramp Up Exports, Says NEC
Malaysia To Ramp Up Exports, Says NEC
18/09/2015 (Bernama) - Malaysia aims to ramp up exports by implementing several initiatives under a strategic roadmap that, among others, involves deep collaborations between the public and private sectors, said National Export Council (NEC) said.
In a statement after the meeting, the Ministry of International Trade and Industry (MITI) said this was among several decisions reached at the Third NEC meeting today in an effort to boost exports against the backdrop of a lacklustre global economy.
Prime Minister Datuk Seri Najib Tun Razak chaired the meeting.
In the first seven months of 2015, Malaysia's exports faced pressures like other regional countries due to the lack of global demand and slower uptake by traditional trading partners.
The meeting also outlined five key strategies to overcome the challenge:
Creating higher value exports; strengthening export capabilities; market deepening in high-potential markets; growing the number of exporters; and, promoting 'Brand Malaysia'.
The meeting also discussed action plans and measures to improve the export eco-system and enhance the contributions of Mid-Tier Companies (MTCs) and small and medium entreprieses (SMEs) to exports, it said.
MITI said the MTCs Development Programme, launched in January 2014, was a nine-month export acceleration programme to develop and nurture selected MTCs to become more resilient and competitive internationally.
A total of 44 MTCs participated in Wave 1 (of the programme), and another 57 MTCs are currently participating in Wave 2, it said.
It said efforts will also be taken to boost contribution of SMEs to 23 per cent of total exports by 2020 by strengthening existing initiatives and activities.
The ministry said programmes to merge SMEs into MTCs will be intensified to support the companies in their export ventures.
"MITI's agencies, notably Malaysia External Trade Development Corp, Malaysian Investment Development Authority and SME Corp are already collaborating with multinational companies based in Malaysia and overseas to undertake sourcing from Malaysia and help link SMEs suppliers to these large corporations," it said.
On the international front, MITI said, the promotion of Malaysian products and capabilities will be strengthened to create greater impact and enhance Malaysia's effort inpositioning the country in the global marketplace.
With the softening of commodity prices, the meeting noted that it was crucial that the resource-based sectors, such as the palm oil industry, moved towards producing higher value-added products, particularly in the oleo-chemicals, nutraceuticals and pharmaceuticals, it said.
It said with the government's incentives to assist companies undertake more downstream activities, the services sector, especially tourism, was expected to further contribute to exports and measures to facilitate this (the sector) was currently being developed.
The sector presently contributed over RM130 billion annually to exports, it said.
MITI said the ongoing efforts to improve the export eco-system in a concerted and coordinated manner will remain the primary agenda of NEC.
In a statement after the meeting, the Ministry of International Trade and Industry (MITI) said this was among several decisions reached at the Third NEC meeting today in an effort to boost exports against the backdrop of a lacklustre global economy.
Prime Minister Datuk Seri Najib Tun Razak chaired the meeting.
In the first seven months of 2015, Malaysia's exports faced pressures like other regional countries due to the lack of global demand and slower uptake by traditional trading partners.
The meeting also outlined five key strategies to overcome the challenge:
Creating higher value exports; strengthening export capabilities; market deepening in high-potential markets; growing the number of exporters; and, promoting 'Brand Malaysia'.
The meeting also discussed action plans and measures to improve the export eco-system and enhance the contributions of Mid-Tier Companies (MTCs) and small and medium entreprieses (SMEs) to exports, it said.
MITI said the MTCs Development Programme, launched in January 2014, was a nine-month export acceleration programme to develop and nurture selected MTCs to become more resilient and competitive internationally.
A total of 44 MTCs participated in Wave 1 (of the programme), and another 57 MTCs are currently participating in Wave 2, it said.
It said efforts will also be taken to boost contribution of SMEs to 23 per cent of total exports by 2020 by strengthening existing initiatives and activities.
The ministry said programmes to merge SMEs into MTCs will be intensified to support the companies in their export ventures.
"MITI's agencies, notably Malaysia External Trade Development Corp, Malaysian Investment Development Authority and SME Corp are already collaborating with multinational companies based in Malaysia and overseas to undertake sourcing from Malaysia and help link SMEs suppliers to these large corporations," it said.
On the international front, MITI said, the promotion of Malaysian products and capabilities will be strengthened to create greater impact and enhance Malaysia's effort inpositioning the country in the global marketplace.
With the softening of commodity prices, the meeting noted that it was crucial that the resource-based sectors, such as the palm oil industry, moved towards producing higher value-added products, particularly in the oleo-chemicals, nutraceuticals and pharmaceuticals, it said.
It said with the government's incentives to assist companies undertake more downstream activities, the services sector, especially tourism, was expected to further contribute to exports and measures to facilitate this (the sector) was currently being developed.
The sector presently contributed over RM130 billion annually to exports, it said.
MITI said the ongoing efforts to improve the export eco-system in a concerted and coordinated manner will remain the primary agenda of NEC.