The Malaysia External Trade Development Corporation (MATRADE) under the trade promotion agency of the Ministry of Investment, Trade and Industry (MITI), is expected to open a new business market footprints in the country, particularly in Davao City through the Market Immersion Mission. The business event, which kicks-off today, March 12 and ends on March 15, 2024, aims to recognize the opportunities in growing infrastructure and development projects and expand the presence of Malaysian companies in the Philippines.
The Malaysia External Trade Development Corporation (MATRADE) under the trade promotion agency of the Ministry of Investment, Trade and Industry (MITI), is expected to open a new business market footprints in the country, particularly in Davao City through the Market Immersion Mission. The business event, which kicks-off today, March 12 and ends on March 15, 2024, aims to recognize the opportunities in growing infrastructure and development projects and expand the presence of Malaysian companies in the Philippines.David Ezra Francisquete/SunStar Photo

Malaysia holds historic biz market footprint in city

CONSIDERING the business climate and unique geographic position of Davao City, the Malaysia External Trade Development Corporation (Matrade) under the trade promotion agency of the Ministry of Investment, Trade and Industry (MITI) has set a historic business market footprint in the city through the Market Immersion Mission, making Davao one of their smart cities in the country, alongside the  Philippine’s capital region, Manila.

The expansion of Malaysia’s robust investment which kicked off on Tuesday, March 12, and ends on March 15, aims to recognize the opportunities in growing infrastructure and development projects, expand the presence of Malaysian companies in the region, and create a more sustainable and transformative Philippines.

This year's Matrade mission focuses on bringing the five Malaysian mid-tier level companies from various sectors of MITI following the first business meeting event last 2019.

These companies are material and construction services, renewable energy with expertise that includes solar photovoltaic solutions, integrated engineering solutions, providers of relocating utilities such as pipes and telecommunications, steel wire, and engineering-procurement -construction-commissioning (EPCC) solution providers.

“We have done business meeting events since last 2019, by that time we brought the group of MSMEs [micro, small, and medium enterprises] companies to come here and also to do business matching. But this time, we are more focused on MITI companies, a higher level than MSMEs and they have the capability to export products and services to other countries,” Matrade Trade Commissioner in Manila, Intan Zalani confirmed in an ambush interview.

Meanwhile, Davao City Chamber of Commerce and Industry, Incorporated (DCCCII) President Belinda Torress said the government will work hand in hand not just on the business landscape and economy but also enhancing the quality of life to all residents in line with the branding “Davao City: Life Is Here”.

The DCCCII will spearhead the development and future of business services, innovation, and foreign investments in Davao City.

“How can we improve life in the city of Davao in consideration [of the fact that] we are the center of all in. This is also an opportunity for the construction from farm to market roads,” she said.

During the business event, Zalani introduced the top and notable Malaysian brands in the Philippines which include Mr. DIY, Maybank, CIMB Bank, AirAsia, Carsome, Weida, Media, Berjaya Hotel in Makati City, ipay88, among others.

The Malaysian investment is part of Davao City’s projection to a healthier and vibrant economy aligned with the comprehensive Davao Regional Development Plan (DRDP) approved by the Regional Development Council (RDC).

The DRDP, a blueprint for Davao Region's development from 2023 to 2028, centers around five strategic pillars: economic development, social development, environmental management, institutional development, and peace and security.

From January to December 2023, the total trade between Malaysia and the Philippines was valued at US $7.91 billion, ranking the Philippines as the 16 largest trading partner of Malaysia. 

Data revealed that the Philippines was also ranked as Malaysia's 15th largest export destination with exports valued at US $5.79 billion. 

With a value of US $2.12 billion, the Philippines is also ranked as Malaysia's 16th-largest source of imports. The combined exports of both nations increased at a positive Compound Annual Growth Rate (CAGR) of 7.3% over the previous five years, from US $4.49 billion to US $5.79 billion.

Petroleum products, electrical and electronic products, chemical and chemical products, palm oil and palm oil-based agricultural products, and processed food were among Malaysia's top 5 key exports to the Philippines.

Related Stories

No stories found.
SunStar Publishing Inc.
www.sunstar.com.ph