Govt calls on Malaysian companies to take advantage of FTAs and explore new markets

Govt calls on Malaysian companies to take advantage of FTAs and explore new markets

01 Apr 2024

The government is calling on local companies to explore new markets via the country’s free trade agreements (FTAs), said Minister of Investment, Trade and Industry Datuk Seri Tengku Zafrul Abdul Aziz.

The minister said the Malaysia External Trade Development Corporation (MATRADE) has been tasked to focus on securing new markets.

“We are also looking at the EU now and we want to initiate discussions on the EU-Malaysia FTA. I hope the FTA will bring in something. Soon (we are also going) to resume the FTA (talks) with South Korea,” he said at the ministry’s breaking of fast event with orphans, organised by Mamee-Double Decker (M) Sdn Bhd.

Speaking on the halal industry, Tengku Zafrul said the industry is an important part of MITI’s focus via the Halal Development Corporation (HDC) and that the companies involved should feel free to work closely with the agency in expanding their businesses in this area.

“We just did a roadmap for HDC for halal development. The target for the global halal market is worth US$5 trillion and we want to make sure that we capture it as we are in a good position (to capture the market share),” he added.

Source: Bernama