The Malaysia External Trade Development Corporation (MATRADE) is expecting about 3,500 Malaysian companies to enrol into the MATRADE Digital Trade Platform (MDTP), with up to RM7 million in export revenue for the first year of the platform’s introduction.
MATRADE chief executive officer (CEO) Datuk Mohd Mustafa Abdul Aziz said the corporation is eyeing 35,000 local companies, especially small and medium enterprises (SMEs), to join the MDTP within five years to accelerate up to RM70 mmtdillion in export revenue.
“We are encouraging Malaysian companies to enrol into the newly launched MDTP and fully leverage and utilise the available features in a seamless platform to remain relevant, digitally efficient, productive and enhance competitiveness from our own turf to reach international markets,” he said in a speech at the soft launch of the platform, here, on Thursday (July 28).
The revolutionary business-to-business (B2B) and business-to-customer (B2C) trade platform accelerates local SMEs’ entry into the international trade scene as well as reduces trade complexities, fosters business interconnectivity and promotes Malaysia-made products and services to buyers and partners across the globe.
“This partnership with (artificial intelligence and big data technology group) Fusionex will further enhance MATRADE’s deliverables to our stakeholders and strengthen our capacity by leveraging digitalisation in simplifying the work process for export development and promotion.
“This platform is to complement and collaborate with market players by providing digital solutions to the business community. Hence, I invite Malaysian companies to take charge and enrol into the MDTP and fully utilise the available features,” he said.
Powered by Fusionex, MDTP is infused with cutting-edge artificial intelligence and big data analytics to guide, measure and manage export revenue, trend analysis and sales activities of the participating Malaysian companies, MATRADE said in a statement on Thursday.
This, in turn, is expected to assist companies in growing their businesses in a data-driven-insightful approach, it added.
This platform is also connected to the Fusionex trade facilitation digital tools which will make exporting and trade much simpler and frictionless.
It also empowers participating SMEs with scalable and leading technology to fast-track trade processes, remove the guesswork and expand operations globally in an effective and efficient manner.
Mohd Mustafa said this initiative is in line with MATRADE’s mission to empower local companies to venture into global markets, where the platform acts as a centralised interactive virtual space for trade that connects the Malaysian business community with international buyers.
“As Malaysia sets its sights on becoming a high-income and advanced nation, MATRADE has placed greater emphasis on digitalisation, in line with the National Trade Blueprint (NTBp) which is devised to enhance the nation’s trade competitiveness and overcome export challenges.
“The introduction of the MDTP solidifies MATRADE’s commitment to propel the country’s export activities by utilising state-of-the-art technologies,” he said.
Mohd Mustafa said the platform, which goes live on Thursday, will be implemented in four phases, and the implementation phases are expected to be completed by the second quarter of 2023.
Meanwhile, Fusionex Group CEO Datuk Seri Ivan Teh said local enterprises can thrive by reaping the benefits of being able to scale and grow in the realm of international trade, via the use of effective digital technologies.
“I believe this platform will be a powerful catalyst for change that helps to transform Malaysia into a digitally driven, high-income nation, propelling our country to achieve its overarching goal of becoming an economic powerhouse.
“We look forward to seeing the rise of more successful producers and exporters as a result of the MDTP,” he said.
Mohd Mustafa said the data gathered from MDTP will assist MATRADE in formulating better strategies in tandem with its aspiration to be a data-driven organisation.
“The Malaysian business community, especially macro SMEs, will also be benefiting from this platform which will further facilitate them in identifying demands and initiating impactful actions in their business practices.
“The global trends require our industry leaders to be abreast of the latest technology and consistently upskilling to embrace digitalisation. As Malaysia sets its sights on becoming a high-income and advanced nation, MATRADE continues to intensify our efforts in engaging with digital tools to provide more business opportunities for exporters,” he added.
- The Edge Markets