Govt Plans to Implement Six International Trade Missions This Year
KUALA LUMPUR: The government – in collaboration with the Malaysian Franchise Association (MFA), plans to organise 6 international trade missions this year to foster and encourage more franchise exports abroad. Minister of Entrepreneur Development and Cooperatives Datuk Ewon Benedick said the trade missions that were already carried out were in Abu Dhabi and Taiwan and will continue to Thailand, the UK, Indonesia and the Philippines until the end of this year. “In 2023, a total of 8 international programmes and trade missions were held which generated RM864 million in potential investments compared with RM689 million in 2022. We hope that the recorded potential investments can be realised successfully,” he said. To date, Ewon said the number of franchise businesses registered with the Registrar of Franchises in the Ministry of Entrepreneur Development and Cooperatives (KUSKOP) amounted to 1,274 companies. “Such achievements are important for enhancing the scale and competitiveness of franchise businesses comprising micro, small and medium enterprises (MSMEs),” he added. Malaysian Trade Industry on the Rise In April, the Department of Statistics (DOSM) revealed that the country’s total trade experienced a 5% increase from March 2023, which amounted to RM244.5 billion with exports and imports recorded RM128.6 billion and RM115.8 billion, respectively. Pulau Pinang remained as the top exporting state with a 32% share, followed by Johor (20%), Selangor (16.9%), Sarawak (8.1%) and WP Kuala Lumpur (4.5%). Meanwhile, imports also had an increase of 12.5%, amounting to RM12.9 billion, with some of the highest performing states being Johor (+RM8.2 billion), Melaka (+RM1.6 billion), Negeri Sembilan (+RM1.2 billion), WP Kuala Lumpur (+RM1 billion), Selangor (+RM996.7 million), Kedah (+RM419.7 million), Pahang (+RM152.6 million), Terengganu (+RM92.1 million), Kelantan (+RM71 million), Sabah (+RM55.5 million) and WP Labuan (+RM30.3 million). However, imports decreased in Pulau Pinang by RM521.9 million, Perak (-RM393.8 million), Sarawak (-RM115.9 million) and Perlis (-RM6.8 million). Johor dominates Malaysia’s imports with a share of 27.9%, followed by Selangor (23.6%), Pulau Pinang (19.2%), WP Kuala Lumpur (7.5%) and Kedah (5%). — BERNAMA
