Various Malaysian firms are in the country for a market immersion mission in Manila this week.
The mission aimed to build networks with potential business partners and buyers in the Philippines. Malaysia’s trade promotion agency the Malaysia External Trade Development Corp. (MATRADE) arranged the business mission lasting from November 26 to 28.
MATRADE Deputy Chief Executive Sharimahton Mat Saleh led the event.
Malaysian firms interested in potential investments are in the sector of manufacturing, energy, construction, information technology, and food and beverages.
The companies include Lubetech Sdn. Bhd., MMK Spices Sdn. Bhd., Life Water Industries Sdn. Bhd., Plus Solar System Sdn. Bhd., Starken AAC Sdn. Bhd., and Auto Count Sdn. Bhd.
Sharimahton said that these firms are not yet felt outside Malaysia and looking for future investments overseas, specifically within ASEAN.
“We believe there’s a lot more potential that we can explore within the ASEAN member states,” she was quoted in a Philippine News agency report, noting that Malaysia’s intra-ASEAN trade only account for 22 percent of its total trade.
MATRADE Manila Trade Commissioner Siti Azlina Mohd Ali Hanafiah said construction and engineering firms are looking forward to investing with the government’s “Build, Build, Build” Program.
Siti Azlina said companies in the construction and engineering previously visited the Philippines to seek investment opportunities.
Sharimahton said Malaysia’s investment in the Philippines during the first semester of the year amounted to USD 69.38 million. This was higher than their last year’s total investment which totalled to USD 9.93 million.