DAVAO CITY—Mindanao, and the rest of the Philippines in general, remain an “attractive market” for Malaysia.
Siti Azlina Mohd Ali Hanafiah, trade commissioner of Malaysia External Trade Development Corp. (Matrade), said their members are actively looking for sectors to do business and partner with local traders.
In the Malaysia-Philippines Business Forum in this Mindanao capital city, Hanafiah noted the island’s close proximity to Sabah and Sarawak, as well as its accessibility within the Brunei Darussalam-Indonesia-Malaysia-Philippines East Asean Growth Area (BIMP-Eaga).
“Since the island is within the framework of BIMP-Eaga, we should enhance more activities in Mindanao,” Hanafiah said.
She stated that as of November 19, they have already conducted cluster meetings in various sectors and explored opportunities in food and beverages, cosmetic products, information and communications technology services, construction and building materials, as well as logistics.
“We are still in the initial stage, but we will conduct a series of discussions and meetings with prospective partners,” the trade official revealed.
She also added that they are looking at raw materials on agricultural produce and minerals that they can further manufacture in Malaysia.
Potential and opportunity
Hanafiah also noted that the Philippines has a huge potential in the domestic market as it has about 109 million in population, compared to Malaysia’s 32 million.
“With this big opportunity, we encourage Malaysian companies to go out and explore the Asean markets. The Philippines is one interesting market, rather than Indonesia and Vietnam, which have been exploited already,” she said.
Malaysia’s exports to the Philippines consists largely of electrical and electronic products, palm oil and palm-based agriculture products, chemicals and chemical products, petroleum products and machinery, as well as equipment and parts.
She said the Malaysian economy has already transformed from agriculture to manufacturing.
“And, we hope that both Malaysia and the Philippines would benefit from this venture, as some of the companies that are here with us are looking for sites in [your country where] they could establish manufacturing or processing plants,” she added.
Platform for collaboration
In her message during the business forum, Davao City Mayor Sara Duterte-Carpio said the Matrade business mission would further enhance trade and investment relations between the two countries, plus forge ties among its business sectors.
The mayor said she hopes the activity would become a platform for local and Malaysian entrepreneurs for collaboration, not only to discuss challenges and breakthroughs in the business sector, but also find ways for economic advancement and development. “Malaysia is a priority business partner of Davao. We hope that our top quality products and businesses will possibly gain more Malaysian investors and business partners in the coming years,” she said.
Digna Banzon/PNA
Image credits: Digna Banzon/PNA