By Geneia Verdejo
MALAYSIAN companies seek business partnership with local firms, as they see huge market potentials in the Philippines.
Malaysia External Trade Development Corporation Deputy Chief Executive Sharimahton Mat Saleh said they organized the Malaysian Mid-Tier Companies Market Immersion Mission to Manila on Nov. 26, 27 and 28 to allow Malaysian companies to meet potential business partners in the Philippines. MATRADE is the Malaysia’s trade promotion agency, which has an office in Manila.
She said the market immersion mission provides an avenue for companies to better understand the Philippine market through engagement.
“Establishing a joint venture with a Filipino entity is one of the alternatives for Malaysian companies to gain access into the Philippine market. The prospect for Malaysian businesses in this market remains promising, given the size of the market and growth of the economy,” Saleh said.
The MTCs that participated in the three -day mission were from diverse sectors such as energy generation, that includes solar; automotive and industrial lubricants, building & construction materials, as well as food & beverage sector.
MATRADE Trade Commissioner Siti Azlina said “one of the participating companies is manufacturing aerated autoclave concrete (AAC), which is actually light weight blocks used as an alternatives for heavy concrete.
“We are excited to share this construction solution to the Philippines construction industry players. The technology has been applied in Malaysia for construction of high-rise building including hotels, shopping malls, apartments and condominiums’, she said.
Programmes arranged by MATRADE for the Malaysian companies include one-on -one business meetings, industry visits and networking sessions with associations and stakeholders from related sectors.
Malaysian Mid-Tier companies are the highest and fastest growing companies, contributing 33% to the GDP, employing 22% of the workforce; while making up only 1% of the total businesses in Malaysia.