KUALA LUMPUR, May 20 — Malaysia will intensify its efforts to explore emerging and non-traditional markets such as Russia, Africa, the Middle East, and South America, backed by increased government funding for local companies, including SMEs, according to Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
The government has allocated an additional RM50 million to MATRADE to accelerate market expansion efforts, with Prime Minister Datuk Seri Anwar Ibrahim expected to lead an official trade visit to Russia soon. Tengku Zafrul also revealed that Malaysia is deepening ties with economic blocs like BRICS and MERCOSUR, while enhancing intra-ASEAN trade through fast-tracking regional agreements.
Addressing recent US-imposed tariffs, he said reciprocal negotiations with the US are underway and a special incentive package for affected businesses is being considered. While acknowledging the potential fiscal impact, he stressed the importance of supporting SMEs and maintaining key export flows.
Despite the 10 per cent US tariff hike, Malaysia’s rubber glove industry is expected to thrive, with market share in the US projected to increase from 47 per cent to 55 per cent by 2030. Tengku Zafrul attributed this growth to higher tariffs on competitors like China, giving Malaysian exporters a strategic edge in a market expected to reach US$4.17 billion (RM17.6 billion).
