Lower Brazilian ICT Import Tariffs Will Boost Malaysia's ICT Exports, Says Matrade

KUALA LUMPUR, Jan 6 (Bernama) -- New lower import tariffs for 298 information and communications technology (ICT) products announced by the Brazilian Government's Foreign Trade Chamber will boost Malaysia's ICT exports to the Latin America nation. The tariffs, effective immediately, would remain in force until Dec 31, said Malaysia External Trade Development Corporation (Matrade). It said most of the products are in the areas of information technology and telecommunications, with duties lowered sharply to only two per cent, respectively, from 14 per cent for IT products and 16 per cent for telecommunication goods previously. To date, Brazil is the largest ICT market in Latin America and the country has continuously expanded by improving its ICT infrastructure. Brazil would be one of the most important markets for the ICT industry as the demand for ICT products and services are expected to grow at 12 per cent, it said in a statement on Friday. Matrade said the tax incentives were timely as they allowed Brazilian ICT companies to source for new and innovative products. "In view of the lower ICT import tariffs, Malaysian ICT products manufacturers should be prepared to consider new measures to realign their business strategies in Brazil in order to effectively compete to tap that country's huge market potential," added the trade and investment promotion agency. -- BERNAMA Malaysia