KUALA LUMPUR: Malaysian Technology Development Corp (MTDC) have signed a memorandum of understanding with TH Global Services Sdn Bhd to penetrate the Middle East market, particularly Saudi Arabia.
MTDC chief executive officer Datuk Norhalim Yunus said the collaboration will create a good platform for the companies under MTDC to help them penetrate the global market especially the Middle East.
"This shows MTDC's commitment is not only limited to fund management but also in providing value-added services by ensuring the business expansion of companies under MTDC," he told reporters after the MoU signing in Kuala Lumpur on Friday.
Norhalim said five or six companies have been identified to join the platform to leverage on TH Global's network, which has been there for 50 years.
The MoU was signed by Norhalim and TH Global chairman Datuk Mohamad S. Ahmad.
Under the MoU, TH Global will distribute selected halal products, medical devices, oil and gas as well as other products suitable for the Middle East market from companies within the MTDC eco-system.
TH Global chief executive officer Adly Mohamed said the company, which has already made inroads into Saudi Arabia, realised that Malaysian-made products were very rare there.
"With the network that we have, we hope to commercialise made-in-Malaysia products and technology in Saudi Arabia," he said.
Adly said the MoU will strengthen the bilateral relationship between Malaysia and Saudi Arabia.
"This business networking will be extended to other Gulf countries in the future as well as Europe," said Adly.
MTDC, a wholly-owned subsidiary of Khazanah Nasional Bhd, has been a key player in the commercialisation and management of government funding.
TH Global will organise a meeting early next year with three Jeddah-based entities - Panda Hypermarket, Halawani Group and Jeddah Chamber of Commerce - for MTDC to present their products. - Bernama
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