IT’S the trend, going global. Countries of the world are jumping on the bandwagon to go global. And for a simple reason too — the international marketplace, with some seven billion people, offers a world of business opportunities, crossing borders and cultures.
Additionally, with new markets to tap into, going global would provide revenue opportunities for emerging businesses and for local products to compete with global brands.
For Malaysia to be the new Asian Tiger, it would need to go global on all fronts, as pointed out by Prime Minister Tun Dr Mahathir Mohamad recently, when he urged Malaysian companies to give more emphasis to the international market. Sure, a number of Malaysian companies have gone global — the Forbes 2018 Global 2000 listed 13 Malaysian companies. Among them are Malayan Banking Bhd (Maybank), Tenaga Nasional Bhd, Petronas Chemicals Group Bhd, Sime Darby Bhd, Maxis Bhd and Genting Bhd.
But, more needs to be done, especially in the service, fashion, consumer, electronics, food, entertainment and culture sectors. The last decade has seen a dramatic shift in economic power to the Asian market, and most multinational corporations and businesses have started going international to stay afloat amid the global economic slowdown. What’s stopping Malaysia from doing the same? True, navigating the global marketplace is tricky, but a company should not be afraid to take risks. It’s all about building the “Malaysia brand” globally. How can Malaysia go more global? Companies, especially the small- and medium-sized enterprises (SMEs), should be more innovative, proactive, opportunistic, risk-takers and customer-oriented. Reportedly, the SME sector makes up 97 per cent of the total business establishments in the country. It is the largest provider of employment, providing about 60 per cent of jobs.
In the fashion industry, for instance, the Malaysian batik has the potential to go global. The traditional textile art already has worldwide popularity with its distinctive designs and motifs. It may want to consider developing a larger narrative to create a more global presence. Another potential is in halal certification. Earlier this month, this Leader posed a question — should the Malaysia Islamic Development Department, as the sole body authorised to issue halal certification, go global? With the global halal market set to grow to US$9.71 trillion by 2025, it would indeed be a significant investment.
The Halal Industry Development Corporation, set up in 2006, would be adept in coordinating the overall development of halal products and services. It is already providing assistance to manufacturers, distributors, retailers, entrepreneurs, researchers and investors who want to penetrate the international halal market. Additionally, Malaysia has moved beyond halal standards for just food. It has developed 15 halal standards, which include a standard on pharmaceuticals and a draft standard for medical devices. Other areas — halal food, filmmaking, biotechnology, cybersecurity, renewable energy — all these can generate revenue for the country. SMEs and companies should not place limits. They must be able to adapt to the rapidly changing market demands and technological changes.
Go beyond, venture into new markets, invest in technologies AND dream global. It is no longer an option, but essential to survive the challenges of the 21st century.