One for the album: Tengku Zafrul (back row, second from left) posing for a group photo with 11 Award receivers at the MTC CEO Summit 2025. Also present are (back row, from right) Matrade CEO Datuk Seri Mohd Mustafa Abdul Aziz, and Matrade chairman Datuk Seri Reezal Merican Naina Merican. — ART CHEN/The Star
KUALA LUMPUR: Malaysia’s mid-tier companies (MTCs) are driving the nation’s global trade growth, recording strong gains in exports, job creation and international market expansion, says Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
Speaking at the MTC CEO Summit 2025 at Menara Matrade yesterday, Tengku Zafrul highlighted findings from the 2023-2024 Impact Tracking Study by Matrade and Deloitte Malaysia, which showed MTCs thriving despite global headwinds.
Alumni of the MTCs Development Programme recorded RM39.5bil in annual sales in 2024, a 20% increase from the previous year, with nearly 60% derived from exports.
“This demonstrates the strengthening global competitiveness of our MTCs and their contribution to Malaysia’s position as the world’s 24th largest trading nation,” he said.
Tengku Zafrul said these companies also created 6,408 new jobs last year, 68.5% of them high-skilled, reflecting a shift toward higher value-added activities.
He added that local SMEs have also benefited, with more than 11,000 integrated into the MTC export supply chain last year – a 10% year-on-year increase.
“This highlights the multiplier effect of the MTC ecosystem in uplifting SMEs and positioning them within the global trade network,” he said.
MTCs expanded aggressively abroad, entering 115 new international markets last year, including Qatar, Gabon, Nigeria, Romania and Italy – a 49% jump from 2023.
Tengku Zafrul said their growth is supported by stronger branding, near-universal digitalisation and sustainability practices such as solar energy and water conservation.
“Despite comprising only 1% of Malaysia’s registered companies, MTCs contributed 40% to GDP in 2023, cementing their role as the backbone of the industrial economy,” Tengku Zafrul said.
At the summit’s Edge Forum: Scaling the Next Asean Champions, moderated by Deloitte Southeast Asia board and corporate governance leader Kasturi Nathan, speakers highlighted how Malaysian firms can scale regionally by leveraging talent, culture and operational strengths.
Deloitte Southeast Asia human capital leader Silvano Damanik said Malaysia has a distinct advantage over neighbouring economies due to Matrade’s structured support, which Indonesia lacks.
“Indonesia has many platforms connecting start-ups with investors and advisors, but it does not have a government-led agency like Matrade, which I believe is an advantage Malaysia can capitalise on,” he said, adding that Malaysian companies also benefit from language skills.
“Any business relationship begins with communication. Malaysians can speak multiple languages, and language is the first key to entering the heart and mind. It will be easier for MTCs to go overseas because they already have this capability,” he added.
Deloitte Private leader and executive director Chee Pei Pei stressed that the most successful firms practise empowerment rather than centralisation.
“Empowering teams, while providing clear guidance, not only builds a strong talent pipeline but also shifts organisational culture,” she said.
“What sets successful companies apart is their willingness to change the culture to allow greater empowerment. This institutionalises discipline and drives transformation,” Chee added.
On how MTCs can expand their global footprint, Deloitte Center for the Edge leader Mark Cheong said firms must first identify internal strengths and achieve small wins before pursuing larger markets.
“You will find that unlocking major global or regional markets becomes easier, not only culturally but because it is already embedded within the company’s own culture,” he said.
