New Singapore Matrade office to enhance Malaysia-Singapore cross-border trade

SINGAPORE: The newly opened Malaysia External Trade Development Corporation (Matrade) office here is set to enhance Malaysia-Singapore cross-border trade, says Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

The Investment, Trade and Industry Minister said Singapore is a key investor to Malaysia and both nations are seeing a growth in trade ties.

“Together, we have committed in January to collaborate for the JS-SEZ.

“During the lunch meeting hosted by Singapore Deputy Prime Minister Gan Kim Yong on Friday (June 13), we met a number of local chambers and business leaders and they are all so excited about the JS-SEZ,” he told reporters after launching the Matrade office here on Friday (June 14).

He added that this was the right time for the Matrade office, its 49th branch, to open in the island republic.

“I hope they can use the Matrade and Malaysian Investment Development Authority (Mida) offices as a point of contact once the JS-SEZ are finalised by the end of the year after the annual leaders’ retreat involving both countries,” he said.

Zafrul also said the trade office represents significant and tangible opportunities for Malaysian and Singaporean businesses.

“Apart from its vital role in connecting businesses from both countries, it will also enable Malaysian companies to leverage the existence of International Procurement Centres and be part of the larger regional supply chains.

“As such, this new Matrade office symbolises our dedication to harnessing the boundless potential of the Asean economic community, to generate more intra-Asean trade and investment flows within the region,” he added.

Also present at the event were Matrade chairman Datuk Seri Reezal Merican Naina Merican, chief executive officer Datuk Mohd Mustafa Abdul Aziz, Malaysia High Commissioner to Singapore Datuk Dr Azfar Mohamad Mustafar, and Amazon Head of Global Selling (Southeast Asia) Anand Palit.

Meanwhile, Reezal Merican said the reopening of the trade office stands as a resolute testament to Matrade's unwavering commitment to fostering stronger ties and promoting mutual prosperity.

"The launch of Matrade Singapore marks a significant milestone in Matrade's global expansion strategy, following recent enhancements to its network of overseas offices including in key locations such as Paris and Cairo," he said.

In conjunction with the launching ceremony, Zafrul also witnessed the exchange of a memorandum of understanding (MoU) between Matrade and Amazon Global Selling to boost Malaysian brand owners' cross-border e-Commerce transactions and to support their growth through training workshops.

The MoU would also see Malaysian micro, small and medium enterprises be equipped with the necessary knowledge and resources to expand their presence on Amazon’s e-Stores and grow their brands in the United States.

The collaboration would strengthen the efforts of both parties to help Malaysian brand owners and sellers seize cross-border business opportunities on the global stage.

The number of new Malaysia sellers exporting their products with Amazon Global Selling nearly doubled in the January-April 2024 period compared to the same period the year before.

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