By SHAHEERA AZNAM SHAH /Pic By ISMAIL CHE RUS
The Ministry of International Trade and Industry (MITI) has targeted 40 new vendors for its development programme called GLC ExplorACE.
“This year, we have 21 anchor companies and 1,440 vendors. We have surpassed our target for new vendors to join the programme.
“We targeted 40 vendors and managed to more than double the numbers, as we received 90 new vendors,” said MITI Minister Datuk Seri Mustapa Mohamed at the GLC ExplorACE 2017 in Kuala Lumpur yesterday.
Themed “Excelling in the Digital World”, the programme provides an avenue for small and medium enterprises (SMEs), particularly Bumiputeras, to gain the knowledge in pitching business proposals.
In its fifth year running, this year’s programme is a collaborative effort with UEM Group Bhd and Sime Darby Bhd as “anchor companies”, and Malaysian Industrial Development Finance Bhd (MIDF) to high-light potential vendors and pair them with interested companies through the “business matching” process.
The annual programme focuses on SME startups, particularly Bumiputera companies where the quality of the product is taken into consideration in choosing a vendor.
“Although we have identified many vendors that are eligible to participate in this programme, the ones with the most potential will be selected by the anchor companies,” he said.
He added that the programme is an ideal avenue for vendors to display the products and services that they have to offer.
During the soft launch in July, Mustapa said that the programme was projected to generate a revenue of RM9 billion.
“Many of vendors through the vendor development programme have managed to penetrate the global market,” Mustapa said.
A total of 450 business matching sessions were conducted with 15 anchor companies.
MIDF said as of June 30, 2017, 122 companies had availed RM523.6 million in funds through the ministry’s vendor development programme.
Mustapa said the programme is in line with the Bumiputera Agenda Steering Unit’s agenda to uplift the Bumiputera economy.
“Vendor development programmes are not new in our country but grabbed more attention when ministries and GLCs (government-linked companies) were given the directive to support the Bumiputera economy through vendor development systems,” said Mustapa after officiating the event.
The programme consists of four components; business matching, networking, financial advisory and business sharing sessions.