Matrade Encourages Malaysian Companies To Use Spain As Gateway To EU, Latin America

KUALA LUMPUR, April 27 (Bernama) -- The Malaysia External Trade Development Corporation (MATRADE) has called on Malaysian companies to leverage Spain as a gateway to the European and Latin American markets. MATRADE, in a statement Thursday, said as a member of the European Union (EU) with a population of 46.8 million, Spain was in an outstanding position worldwide in terms of the importance of its economy. “There are a lot of business opportunities for Malaysian companies to collaborate with Spanish companies. The focus sectors include personal care, fashion accessories, fast food, hospitality, online business, education, and business advisory,” it said. Being the world’s 14th largest economy and fifth largest in the EU with gross domestic product worth US$1.2 trillion (US$1=RM4.35), it said Spain is one of the most attractive domestic markets in Europe. “The Spanish economy has grown strongly in 2016, led by domestic demand that is spurred by monetary policy in the Euro area and a fiscal stimulus,” it said. It said the franchise industry in Spain was also growing at a strong pace with the total turnover amounted to 26.5 million euro (1 euro=US$1.09), featuring 1,232 brands, including top Spanish brands such as Dia, Mango, Fotoprix, Naturhouse, Telepizza, and MRW. For the January-February period this year, Malaysia’s total trade with Spain amounted to US$182.9 million (RM794.5 million) with exports valued at US$89.1 million (RM387.6 million) and imports at US$93.5 million (RM406.9 million). Last year, Malaysia’s total trade with Spain amounted to RM4.43 billion with exports valued at RM2.33 billion while imports totalled RM2.10 billion. -- BERNAMA