The positive outcome signalled M’sian companies’ competitiveness in supplying quality products and services to the global market
By TMR / Pic by TMR FILE PIX
THE Virtual Export Acceleration Mission (VEAM) to Tokyo and Osaka led by Malaysia External Trade Development Corp (Matrade) recently has recorded RM129.38 million potential sales.
The VEAM was held from Nov 30 until Dec 2 in conjunction with the World Expo 2025 which will be held in Osaka prefecture, Japan.
According to Matrade, the mission’s positive outcome signalled Malaysian companies’ competitiveness in supplying quality products and services to the global market which resulted in more possible cooperation with Japan.
“As the event serves as part of an early preparation towards the World Expo 2025, we anticipate a huge business opportunity which leverage on the spill-over effect worth about US$20 billion (RM84.4 billion),” Matrade deputy CEO Sharimahton Mat Saleh said in her virtual opening remark on the programme’s opening day.
“Malaysia will focus on the various opportunities arise which includes the Sustainable Development Goals that is in line with the World Expo 2025’s theme ‘Designing Future Society for Our Lives’,” she added.
“Malaysia looks forward to work closely with Japan in connecting Malaysian and Japanese companies to achieve this goal.”
Through this mission, Matrade had intensified its collaboration with Osaka’s Business Partner City Council and Asean Japan Centre in enhancing bilateral economic and trade ties with Japan.
Besides the market briefing, more than 70 business meetings including business pitching sessions have been arranged with more than 30 Japanese companies in this VEAM.
“The Japanese companies were very impressed by the interesting presentation and abilities of our very own Malaysian companies,” Matrade Trade Commissioner of Japan Niqman Rafaee Mohd Sahar said.
“Some Japanese companies even requested to have follow up virtual business meeting sessions with the Malaysian companies. This signifies an optimistic sign for Malaysian companies to have potential collaboration and enter the Japan market in the near future,” he added.
In 2020, Japan was Malaysia’s fourth largest trading partner with trade valued at RM124.14 billion which accounted for 7% share of Malaysia’s global trade. This shows that Japan is an important trading partner to the nation.
In terms of exports, Japan was Malaysia’s fifth largest export destination in 2020 with an export value of RM62.56 billion.
Among the major products which contributed to the growth of exports were electrical and electronic (E&E) products, liquefied natural gas, optical and scientific equipment, chemicals and chemical products, among others.
Meanwhile, Malaysia’s imports from Japan in 2020 was valued at RM61.58 billion which mainly consisted of products such as E&E products, machinery, equipment and parts, chemicals and chemical products, manufactures of metal and iron and steel products.
For the period of January to October 2021, trade with Japan increased by 20.7% to RM121.85 billion compared to the same period of 2020. — TMR