However, he said, the Ministry of International Trade and Industry and its agencies like Malaysia External Trade Development Corporation are prepared to help industries and enterprises navigate challenges brought about by the expected slowdown in global economy and trade, which is key in the government’s efforts to raise the overall standard of living in the country.
In 2022, Malaysia’s total trade was valued at RM2.8 trillion, surpassing the RM2 trillion mark for the second consecutive year. Exports reached RM1.6 trillion, exceeding the 12th Malaysia Plan’s projection for year 2025 by 24 per cent -- three years ahead of target. In light of the challenging global landscape in 2023, Miti has begun to look at the various ways to safeguard demand, enhance the supply side and ensure continuous market access, particularly for Malaysia’s manufactured goods.
"This is to ensure an efficient coordination of export promotion programmes to generate and increase demand for Malaysia’s products and services in the international markets,” he said Commenting on mid-tier companies , he said they contributed 40 per cent to the country’s gross domestic product and employed 16 per cent of Malaysia’s workforce in 2019.
The minister also assured key stakeholders, particularly industries and exporters, that the government will continue to ensure that they gain from the various FTAs that Malaysia has ratified, including the Regional Comprehensive Economic Partnership and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership .
Source: News Formal (newsformal.com)
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