Sales Worth US$496.19 Million Achieved Through International Sourcing Programme From Jan-Oct 2015

KUALA LUMPUR, Dec 30 (Bernama) -- Malaysia recorded US$496.19 million (RM2.13 billion) in sales from January to October 2015 through the business-matching International Sourcing Programme (INSP) despite the global uncertainties. Deputy Minister of the International Trade and Industry Ministry, Ahmad Maslan, said this was due to more specialised marketing missions and trade fairs organised this year. He said data showed that the economic prospects for Malaysia in 2016 would still remain stable. "We hope our exports would not be affected next year even with the slowdown in China's eonomy and where the decline in the yuan has a slight negative impact on the economy as a whole," he said. He told reporters this during his visit to the Malaysia Export Exhibition Centre (MEEC) here Wednesday. In 2014, INSP, previously known as Incoming Buying Mission, recorded US$1.34 billion (RM5.77 billion) for the same period contributed by more oil and gas as well as building materials events. Ahmad said the challenges in exports would also depend on the components used to produce the products, which would increase production costs. He said Bumiputera (Malaysian indigineous) entrepreneurs should also improve themselves in the export business as it currently only stood at 30 per cent. "In 2016, Malaysia External Trade Development Corp (MATRADE) will organise 150 programmes, comprising 85 promotional and trade activities and 65 export development activities, compared with 115 programmes in 2015. "Our focus is on e-commerce as there is a huge potential for online business due to the increasing use of mobile device and profound influence of the social media to Malaysians," he said. Meanwhile, Matrade's Senior Director, Management Services Division, Wan Latif Wan Musa, said up to December 2015, over 6,200 visitors from local and international delegations and individuals visited MEEC which showcased 500 exhibitors with over 5,000 products and services. Until October 2015, he said, 131 business sessions took place involving 26 companies as buyers through the INSP initiative. Wan Latif said MEEC, known as a one-stop sourcing centre, has also exceeded applications from exhibitors to participate in MEEC 2016 platform following the quality products showcased and the great potential for business-matchings between buyers and sellers. --BERNAMA