Local mid-tier firms remain resilient despite global economic uncertainties

KUALA LUMPUR: Malaysian mid-tier companies (MTCs) continue to demonstrate resilience and creativity in managing their businesses amidst continuous global economic uncertainties since the post-pandemic's recovery period, according to the Malaysia External Trade Development Corporation (Matrade).

This was reflected in the Impact Tracking Report 2022 announced by Matrade at MTCs CEO Summit 2023. 

The chairman, Datuk Seri Reezal Merican Naina Merican, reported that MTCs have successfully registered a cumulative annual revenue of RM33.9 billion, with RM20.9 billion (or 61 per cent) generated from exporting activities.

He said that based on the Impact Tracking Report 2022, export revenue grew nearly 18 per cent compared to the previous year.

MTCs had successfully set up their footprints in 55 international markets, and among the top markets penetrated were Australia, the USA, and Greece, he said in a statement. 

Meanwhile, Reezal noted that MTCs have also strengthened the supply chain by engaging with over 9,000 micro, small, and medium enterprises (MSMEs) as vendors or suppliers.

"MTCs have also created more than 5,500 new jobs, especially skilled jobs such as technicians and engineers, reflecting their commitment to upskilling, reskilling, and cross-skilling to meet the new demand of the industries," he said.

Matrade continues to support MTCs through its signature platform, the MTCs CEO Summit 2023, themed "Energising Export Growth, Harnessing Sustainability". 

This summit brought together over 150 CEOs of MTCs who are alumni of MTCDP, aiming to empower them to leverage new trends in digitalisation and sustainability to expand their global presence.

During the MTC CEO Summit, Reezal emphasised digitalisation as a crucial agenda item for Matrade to strengthen the delivery of its services to Malaysian exporters. 

He announced the rebranding of the Matrade Digital Trade Platform (MDTP) as "MyTRADEDIGITAL," a holistic and inclusive online platform offering a comprehensive solution for trade promotion and exporter development via digital channels.

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