MARKET DEVELOPMENT
Great Trade Opportunities Await Malaysia In South America
Great Trade Opportunities Await Malaysia In South America
18/11/2015 (Bernama) - There are great trade opportunities for Malaysia in South America, with particularly strong demand for medical devices, electrical and electronics (E&E) equipment, furniture and palm oil-based products.
The opportunities for Malaysian companies to export to, are especially significant in Chile and Peru, as both are net importers.
The Malaysia External Trade Development Corporation (Matrade) Trade Commissioner in Santiago, Chile, Noor Ezzwanee Ahmad said Malaysian companies should thus embark on aggressive strategies to push through their goods to the Latin American market.
"This is where Malaysian companies, particularly small and medium enterprises (SMEs) should look at.
"Instead of entering markets that everyone has already a presence, they should step into new ones and strengthen their position. We need to be a step ahead of the competition," she added.
She told reporters this on the sidelines of a seminar, themed, "Understanding Latin America Market: Opportunities for Malaysian Product and Services in Chile and neighbouring Countries".
The seminar is aimed at encouraging more local companies to benefit from the Malaysia-Chile Free Trade Agreement (MCFTA) and the Trans-Pacific Partnership.
Noor Ezzwanee said at present, 70 per cent of Malaysia's exports to Latin American countries was dominated by SMEs, and the other 30 per cent represented by multinational companies that have manufacturing facilities in the country.
She also noted that there is no free trade agreement between Peru and Malaysia.
However, between January to September 2015, Malaysia's exports to Peru was valued at US$99 million.
During that same period, Malaysia's total exports to the Latin American countries was valued at RM568.2 billion.
Chile, with a population of 17 million, was Malaysia's fourth biggest export destination in South America, behind Brazil, Argentina and Mexico.
Chile and Peru are mainly involved in mining and agriculture. But, in terms of finished and semi-finished goods, the products are usually imported, Noor Ezzwanee noted.
Malaysia was ranked at number 33 in terms of export relations with Chile, and in terms of imported goods, at 32nd spot.
"Malaysia presence among the South American countries is still small. We need to push our products forward," she said.
The opportunities for Malaysian companies to export to, are especially significant in Chile and Peru, as both are net importers.
The Malaysia External Trade Development Corporation (Matrade) Trade Commissioner in Santiago, Chile, Noor Ezzwanee Ahmad said Malaysian companies should thus embark on aggressive strategies to push through their goods to the Latin American market.
"This is where Malaysian companies, particularly small and medium enterprises (SMEs) should look at.
"Instead of entering markets that everyone has already a presence, they should step into new ones and strengthen their position. We need to be a step ahead of the competition," she added.
She told reporters this on the sidelines of a seminar, themed, "Understanding Latin America Market: Opportunities for Malaysian Product and Services in Chile and neighbouring Countries".
The seminar is aimed at encouraging more local companies to benefit from the Malaysia-Chile Free Trade Agreement (MCFTA) and the Trans-Pacific Partnership.
Noor Ezzwanee said at present, 70 per cent of Malaysia's exports to Latin American countries was dominated by SMEs, and the other 30 per cent represented by multinational companies that have manufacturing facilities in the country.
She also noted that there is no free trade agreement between Peru and Malaysia.
However, between January to September 2015, Malaysia's exports to Peru was valued at US$99 million.
During that same period, Malaysia's total exports to the Latin American countries was valued at RM568.2 billion.
Chile, with a population of 17 million, was Malaysia's fourth biggest export destination in South America, behind Brazil, Argentina and Mexico.
Chile and Peru are mainly involved in mining and agriculture. But, in terms of finished and semi-finished goods, the products are usually imported, Noor Ezzwanee noted.
Malaysia was ranked at number 33 in terms of export relations with Chile, and in terms of imported goods, at 32nd spot.
"Malaysia presence among the South American countries is still small. We need to push our products forward," she said.