TPPA A Confidence Booster For Local Entrepreneurs -- Matrade

KUALA LUMPUR, Feb 5 (Bernama) -- Malaysia's involvement in the Trans-Pacific Partnership (TPPA) is a confidence booster for local entrepreneurs to export and expand their products and services abroad. Malaysia External Trade Development Corp (Matrade) Chief Executive Officer, Dzulkifli Mahmud, said the corporation would be working mainly with small and medium enterprises (SMEs) to penetrate the 11 other TPPA-member countries. "This year, our focus is to help the Bumiputera SMEs so that they are more involved in export activities. "Besides offering opportunities for local companies, the TPPA will also boost confidence of foreign firms to trade with Malaysia through the free trade policy. "We want to see more international companies enter the country, not only to invest but to open regional headquarters in Malaysia," he told the media at the announcement of the country's trade performance for 2015. "Last year, Malaysia's exports to Peru, Mexico, Canada and the US were 41 per cent and they are expected to increase with the TPPA signing," he said. Dzulkifli said the country's trade rose by 1.2 per cent to US$354.41 billion (RM1.47 trillion) in 2015 and Matrade expected this positive performance to continue this year. (US$1=RM4.14) "In 2016, the manufacturing sector is still the driving force for Malaysian exports as the sector involves many process plus downstream sectors that add value to raw material in Malaysia," he said. However, he said, Malaysia would continue to face challenges this year due the uncertain global economic situation. The TPPA, which was signed Thursday in Auckland, New Zealand, is expected to reduce tariffs and increase market and free trade among 12-member countries. It has a ratification period of two years and would open the market to 800 million people and 40 per cent of new markets. -- BERNAMA