Penetrating the Global Market

Seri Kembangan: The Ministry of International Trade and Industry (MITI) has set a target participation rate of small and medium enterprises (SMEs) of 30 percent in the global market by next year. It’s minister, Datuk Seri Mustapa Mohamad said that so far 25 percent of the local companies have successfully penetrated foreign markets and to explore it they must comply with all commercial standards set before exporting their goods and services.

“We strive to achieve this goal and much remains to be done including the tariffs and the adjustment of standards for improving global trade,” he said.

He was speaking after presenting certificates and trophies to 24 recipients in conjunction with the National Forum Mark of Malaysian Brand (MMB) here recently.

Meanwhile, Chief Executive Officer of the SME Corporation Malaysia, Datuk Hafsah Hashim said this year is the fifth edition of the award which was presented to SMEs based in the world market through branding.

To date, there are 102 companies already certified, exceeding the target of 100 set by the company in the next five years.

“But it is not solely related to the number as the quality is equally good, especially with the brand that we want to bring to the international market,” he said.

Hafsah said, all companies have passed with very strict evaluation by SIRIM QAS Sdn Bhd and produce the best products and services.

“Companies that have been certified managed to increase their sales from five percent to 30 percent per annum due to increasing market access both domestically and internationally,” he said.

Since 2010, a total of 102 companies has managed to gain brand recognition Malaysia with 98 of whom are from the category of SMEs. It includes 87 companies from the manufacturing sector and 15 (services).

Of the recipients, only five companies are owned by women.