MATRADE formulating strategies to address geopolitical challenges

KUALA LUMPUR: The Malaysia External Trade Development Corporation (MATRADE) is formulating strategies to navigate geopolitical challenges amid the Middle East conflict to safeguard the country’s trade performance.

Its chief executive officer Datuk Mohd Mustafa Abdul Aziz said all 49 MATRADE offices abroad have been directed to conduct a thorough analysis of geopolitical risks exposure in their respective regions, thus formulating a comprehensive strategy to mitigate the impact.

"We are analysing Malaysias export potential in conflict-affected countries in West Asia. Our approach involves scrutinising the export trends to those countries over the past five years.

"Hence, we can redirect exports to nearby countries or cities in the event of conflicts,” he told a press conference following the pre-launch ceremony of the Malaysia International Halal Showcase (MIHAS) 2024, here today.

Mohd Mustafa said that during the previous Gulf Cooperation Council (GCC) conflict with Qatar, MATRADE successfully exported goods to the country through Oman.

Consequently, he affirmed that MATRADE would adopt similar measures should the conflict in the Middle East persist.

Meanwhile, MATRADE chairman Datuk Seri Reezal Merican Naina Merican outlined other strategies to mitigate the impact of geopolitical risks on Malaysian trade, emphasising the exploration of new markets, particularly among emerging economies.

"This entails countries like Kenya, Brazil, Nigeria, Tanzania, Yemen, Morocco, and Namibia, all exhibiting notable growth and promising potential for local product exports.

"When China experienced a slowdown in economic growth previously, our exports to the region dwindled, and similar scenarios could unfold in other regions. Hence, proactive planning and contingency measures are crucial. This is currently underway,” he added. - Bernama

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