MATRADE’s Digital Trade Platform Achieves Impressive Milestone in First Year
The Malaysia External Trade Development Corporation’s (MATRADE) Digital Trade Platform (MDTP) has made remarkable strides, surpassing its five-year goal in less than a year since its soft launch.
MDTP’s Success in Driving SME Growth
Launched in July 2022 in partnership with Fusionex Group, a leader in data technology, the MDTP aims to elevate Malaysia’s export capabilities, particularly for local small and medium-sized enterprises (SMEs). According to Fusionex CEO Datuk Seri Ivan Teh, the platform has already processed over RM100 million in transactions and currently hosts over 1,200 SMEs.
“By today’s standards, we’re already seeing impressive results,” Teh remarked. “If you consider the range of products these SMEs offer, we’re talking about roughly 15,000 stock-keeping units (SKUs), a great start for our target of 50,000 SMEs within the next decade.”
Global Impact and International Partnerships
The platform has already attracted international buyers from across the globe, including countries such as China, Japan, the US, Germany, and the UK, among others. These buyers represent a diverse range of industries, including pharmaceuticals, food and beverages, oil and gas, and ICT.
MDTP’s ability to connect Malaysian SMEs with international markets has been a pivotal factor in its success. Through this platform, businesses from various sectors have been able to expand their reach and cater to the demands of a global customer base.
Expanding Malaysia’s Export Footprint
Abu Bakar Yusof, Deputy CEO of Exporter Development at MATRADE, emphasized the importance of MDTP in empowering Malaysian SMEs. Although SMEs contribute 40% to the nation’s GDP, their share of the export market remains limited. In 2022, SMEs accounted for just 10.9% of Malaysia’s total exports, which amounted to RM1.55 trillion.
“While this percentage represents a significant amount, it still pales in comparison to the total export figures,” Yusof stated. “MATRADE’s role is to support and equip more SMEs with the tools they need to thrive in the global export sector.”
Public-Private Partnerships Driving Success
MATRADE continues to focus on public-private partnerships (PPP) as a key driver of export growth. In addition to Fusionex’s role, MATRADE has formed strategic partnerships with various ASEAN markets, international marketplaces, and other key players in the logistics, finance, and insurance sectors. These partnerships ensure that MDTP members are well-equipped to explore global trade opportunities and remain competitive in the international arena.
The platform’s ability to leverage these collaborations has played a crucial role in its rapid success. By providing a comprehensive suite of digital tools, MATRADE aims to simplify the complexities of international trade for Malaysian SMEs, enhancing their ability to compete globally.
Looking Ahead
As MDTP continues to grow, the platform remains focused on further enhancing its capabilities to serve the needs of SMEs. With its current momentum, the platform is set to play an even larger role in helping local businesses expand into international markets, solidifying Malaysia’s position in the global trade landscape.
