Call On SMEs Need To Expand Into Global Market Via Online Platform

KUALA LUMPUR, Jan 19 (Bernama) -- Malaysian local companies, especially small and medium enterprises (SMEs) need to seek ways to expand into the global market through different platforms, particularly online, International Trade and Industry Minister Mustapa Mohamed said. He said while e-trade or e-commerce contributed almost 35 per cent and 21 per cent to the United States and China's gross domestic product (GDP), respectively, it accounted for only five per cent of Malaysia's GDP. Due to the challenging global economy, Malaysia cannot be too bullish on its export market or gives up, he told reporters on the sidelines of the one-day Export Day 2016 (previously known as Exporters Forum) organised by Malaysia External Trade Development Corporation (Matrade) here on Tuesday. Mustapa said more focus should be given to online platform as it is a game changer in today's market. On Matrade, he said being the external trade promotion arm, it needs to be more aggressive in raising the export figures of SMEs. He said Matrade should explore new markets apart from China, India and European countries, citing Turkey as a potential market with a population of 74 million. In August 2015, Malaysia signed a free-trade agreement (FTA) with Turkey after almost four years of intense negotiations. In 2014, total trade between Malaysia and Turkey amounted to US$969 million (US$1 = RM4.36) with Malaysia’s exports totalled US$752 million, while imports amounted to US$217 million. Key exports to Turkey comprise textiles and clothing, chemicals and chemical products, palm oil, metal, rubber products, and electrical and electronic (E&E) products. Imports from Turkey include textiles and clothing, machinery appliances and parts, iron and steel products, chemicals and chemical products, other agriculture produce, and electrical and electronic products. -- BERNAMA