PETALING JAYA: Malaysiaâs trade and investment mission to South Korea and Japan from April 1 to 6 has generated RM986.15 million of export deals.
Led by International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali, the mission which connects major buyers and investors is an effective high-level bilateral engagement where senior officials can help push for international business deals, delivering more exports for Malaysian companies and promoting Malaysiaâs brand name.
During the mission, discussions on sourcing of products and services were organised with premium buyers and leading companies in South Korea and Japan.
About RM70 million exports of products and services to Korea were reported as a result of meetings with buyers there. Highlights include a meeting with major retailer GS Retail, which resulted in a commitment to triple sourcing of food products and fast-moving consumer goods (FMCG). A follow-up meeting between Malaysia External Trade Development Corp (Matrade) and the South Korean retailer will determine which companies could meet the latterâs sourcing requirements.
The mission saw some developments for the creative industry, leading to a meeting with South Koreaâs Moggozi Co Ltd, which previously co-produced with Malaysian partners and distributed some of Malaysiaâs animation products. The Korean company believes in Asian content and creativity as a collaboration model, which is in sync with Malaysiaâs interest, and its vice president communicated interest to collaborate with Malaysian companies to produce animation films and other related projects.
The trade mission to Japan resulted in discussions with major general trading companies such as Mitsubishi Corp and Mitsui & Co, which resulted in commitments to increase sourcing from Malaysia for FMCG, palm oil, halal products and services as well as chemicals and chemical products.
The mission also saw a business exchange with the popular 100-yen shop Daiso, arranged by Matrade, for an opportunity for Malaysian exporters to supply more products to the Japanese chain.
There are 160 stock-keeping units of Malaysian products available in Daisoâs outlets in Japan.
On the whole, Japanese buyers have made a commitment to purchase RM916.15 million of exports from Malaysia over the next 24 months.
The mission also saw the signing of a memorandum of cooperation with Japan External Trade Organization to strategically strengthen Malaysiaâs trade promotion cooperation with Japan in areas such as halal products, ICT, e-commerce and digital transformation.
Matrade CEO Mohd Mustafa Abdul Aziz highlighted that South Korea and Japan are two major markets in Asia for Malaysia and views the trade and investment mission as fruitful given that it has managed to improve relations with the countries.
âMatrade is focused on collaborating with Malaysian exporters to help drive their export sales â as part of our effort in economic recovery,â he said in a statement.
