Matrade’s Digital Trade Platform tops five-year target in first year
It has recorded over RM100 mil in transactions
KUALA LUMPUR – The Malaysia External Trade Development Corporation’s (Matrade) Digital Trade Platform (MDTP) has successfully outstripped its five-year target in less than one year of its soft launch.
MDTP, introduced in July 2022 in collaboration with data technology market leader Fusionex Group, is an artificial intelligence trade platform that aims to maximise Malaysia’s export potential and help local small and medium enterprises (SMEs) expand their businesses globally.
Fusionex chief executive officer Datuk Seri Ivan Tan said that in terms of revenue and sales, more than RM100 million in transactions were recorded through MDTP.
“We have more than 1,200 SMEs onboard right now. If you look at the turnout today and multiply each of them by 10 products, we already have about 15,000 stock-keeping units (SKUs) on board,” he told reporters after the official launch of MDTP here today.
MDTP was also expected to attract a total of 50,000 SMEs in SKUs in 10 years.
It has successfully welcomed numerous international buyers from China, Japan, Korea, the United States, the United Kingdom, Germany, Saudi Arabia, India, Dubai, Indonesia, the Philippines, Singapore, Myanmar, Thailand, Vietnam, Cambodia, Laos, and Brunei.
The businesses from these countries span diverse sectors, including franchising, oil and gas, palm oil, commodities, materials, food and beverages, pharmaceuticals, toiletries and cosmetics, information and communication technology, and more.
Matrade deputy CEO (exporters development) Abu Bakar Yusof said MDTP is crucial to driving and expediting SMEs’ participation in the export market.
He said that although SMEs contribute 40% of the nation’s gross domestic product, their contribution to the export market is still relatively small as the segment’s export amounted to 10.9% of Malaysia’s total export of RM1.55 trillion recorded in 2022.
“This (10.9%) of RM169 billion looks big, but it is small compared to the total exports. Therefore, it is Matrade’s responsibility to prepare more micro, small, and medium enterprises (MSMEs) to venture into the export sector,” he said.
The SME segment constituted 97.2 % of total registered business in Malaysia.
Abu Bakar said Matrade would continuously embrace public-private partnerships in driving Malaysian exports to remain relevant and competitive in the global arena.
Through the platform, Matrade said it had formed strategic partnerships with key Asean markets, associations, state governments, international marketplaces, and leading financial, insurance and logistics partners to empower MDTP members to explore global trade opportunities.
– Bernama, June 13, 2023
