High-level mission delivers results | The star
DESPITE the Covid-19 pandemic and global challenges, a trade and investment mission led by Senior Minister Datuk Seri Mohamed Azmin Ali from April 1-6 succeeded in stepping up efforts to expand international trade.
Export-related transactions totaling RM 986.15 million were reported during the mission.
These missions, which connect with key buyers and investors, are an effective form of high-level bilateral engagement.
Senior officials can help promote international trade agreements, increase exports for Malaysian companies, and promote the Malaysian brand.
During the recent mission, business discussions on sourcing products and services were held with high-end buyers and leading companies in South Korea and Japan.
About RM 70 million of exports of goods and services to South Korea have been reported following meetings with buyers in the country.
Highlights included a meeting with a leading South Korean retailer, GS Retail, which operates more than 15,000 convenience stores and 289 supermarkets with products available online and offline.
At the meeting chaired by Mohamed Azmin, who is also Minister of International Trade and Industry, the commitment to triple the supply of food and fast-moving consumer goods (FMCG) by GS Retail was discussed and approved. .
Follow-up meetings between the Malaysia External Trade Development Corporation (Matrade) and GS Retail have been held to determine which Malaysian suppliers can meet GS Retail’s sourcing requirements.
In line with the development of the creative industry, a meeting was held with Moggozi Co Ltd.
This Korean company has co-produced with Malaysian partners and distributed some Malaysian animation productions.
With regard to Japan, meetings have been held with major “sogo sosha” or general trading companies in Japan, such as Mitsubishi Corporation and Mitsui & Co.
Commitments have been made to increase Malaysia’s supply of consumer goods, palm oil, halal products and services, and chemicals and chemicals.
In addition to meetings with major Japanese trading companies, there was also trade with Daiso, a popular 100 yen store operator with a wide range of household items.
Internationally, Daiso operates 5,741 stores in 26 countries, more than half of which are in Japan.
A follow-up with Daiso was arranged by Matrade to give Malaysian exporters the opportunity to supply more Malaysian products.
Currently, around 160 Malaysian product storage units are available at Daiso outlets in Japan.
Japanese buyers were very encouraging with the commitment to buy from Malaysia over the next 24 months, amounting to RM 916.15 million in export value.
During the mission, Matrade also signed a memorandum of cooperation with the Japan Foreign Trade Organization (Jetro) to strategically strengthen Malaysia’s trade promotion cooperation with Japan in areas such as halal, ICT, e-commerce and digital transformation.
The signing was attended by Mohamed Azmin and the Japanese Minister of Economy, Trade and Industry, Hiroshi Kajiyama.
It signified Matrade and Jetro’s dedication to building and strengthening bilateral and trade relations between Malaysia and Japan.
Matrade CEO Mohd Mustafa Abdul Aziz said, “South Korea and Japan are two major markets in Asia for Malaysian companies.
“The trade and investment mission has been very fruitful as it adds to the interest of cultivating bilateral relations between Malaysia and South Korea as well as with Japan.
“Matrade is focused on working with Malaysian exporters to help boost their export sales as part of our economic recovery efforts.”