Latest ASEAN news

Are Southeast Asian power systems ready for the rise of renewables?

Like most countries in the world, Southeast Asia's economies have made their own nationally determined contributions commitments during the UN climate conferences, most recently updated in 2021 during the Glasgow negotiations. During the Glasgow climate conference in 2021, most Southeast Asian countries announced their new climate targets, with net-zero targets to be achieved between 2050 and 2065. The new targets are more aggressive than before and will require an accelerated energy transition to be achieved. Currently, governments in Southeast Asia have plans to add more than 250 GW of solar and wind capacity over the next two decades, and this will likely be increased further when their power development plans are updated in the coming years.


Grid readiness for more intermittent renewables to be added to the power system

The current solar and wind renewable penetration across Southeast Asia is still relatively low, at 5% and 11% of total generation and installed capacity, respectively, compared with leading countries like Germany, which have already reached levels of 34% of generation and 55% of capacity from solar and wind. This level of renewable penetration is somewhat skewed by the large share of intermittent renewable capacity contributed by Vietnam, which over the past three years has added more than 20 GW of solar and wind capacity. Vietnam's renewable penetration is more than double the region's average, at 13% and 30% for generation and capacity, respectively. Although the level of solar and wind penetration is still relatively low, some countries are already facing challenges in dealing with the intermittency and grid congestion impeding the utilization of solar and wind generation.

Vietnam and Indonesia will face the toughest challenge to accommodate more renewables. The two countries have the most ambitious renewable target and greatest renewable potential, respectively, and are starting at two extreme ends of the spectrum, with Vietnam having more intermittent renewable capacity than the entire remainder of Southeast Asia and Indonesia having one of the smallest in the region. Despite the differences, they face grid congestion and challenges dealing with the intermittency from renewables, which will hinder future growth of solar and wind capacity.

Grids in Malaysia, the Philippines, and Thailand do not face any challenges to accommodate the operating intermittent renewable capacity thanks to a low renewable penetration and robust requirements before capacity could be developed. Going forward, as solar and wind additions pick up pace (either through increased tender sizes or more aggressive government plans/targets), similar to the rest of the region in their energy transition journey, locations with sufficient grid capacity will dwindle, and similar grid enhancements will be needed.

Countries in Southeast Asia are currently targeting to add close to 50 GW of solar and wind capacity by 2030, and this target is slated to be increased further. Most of the countries have either experienced first-hand the impact to the grid and power system caused by the rise of intermittent renewables or have witnessed the issues faced by their regional neighbors. Each country is facing a different situation in terms of the current state of their grids to handle the existing and planned intermittent renewable additions, but they have all incorporated the lessons from the region into the power development plan, which is to upgrade the grid infrastructure to facilitate the connection for more renewables, in line with their ambitious targets. The plans for renewable additions need to keep pace with the grid upgrades to ensure that the additional renewables can be utilized.

The plans for grid upgrades to support more renewables will come at a high cost. This is because, unlike conventional generators, which can be located closer to the load centers, renewables have a significantly larger land requirement and will need to be developed further away, where land is cheaper. Therefore, as the share of renewables in the generation mix increases, so will the investments in transmission infrastructure. Many of the Southeast Asian countries currently have government-regulated power tariffs, which are set at levels below the cost of supply; therefore, it will definitely be challenging to finance increasingly larger grid investments.


Regulation and policy readiness to facilitate the addition of more renewables

Most of the legacy power development plans for Southeast Asian countries mainly focused on generation capacity additions to serve the strong power demand growth. Capacity expansion planning was weighted on total supply adequacy rather than supply reliability and flexibility. In recent years, more plans are proposed to accommodate the addition of more intermittent renewables across all the Southeast Asian countries' national power development plans. However, beyond enhancements to the transmission and distribution grid, it remains to be seen what the countries will be doing from the regulation and policy perspective to facilitate the development of more flexible generation sources of power demand and supply.

Currently, the main regulatory and policy tool being utilized to ensure that additional intermittent renewable generation does not impact the power system comes from requiring grid impact studies or power system studies before the development approval is given. Both the project developer and the transmission and distribution company are responsible for carrying out these studies together. Such studies have been in place for countries like Malaysia (large-scale solar photovoltaic [PV] tender), the Philippines (Energy Regulatory Commission interconnection agreement), and Thailand (grid connection code) and utilized effectively, as no grid-related curtailment/congestion issues have been reported. Most recently, following the grid issues faced in Vietnam, there is now a clear set of grid-related conditions placed alongside each newly proposed solar and wind project, when they are seeking to be added to the approved national project list.

Long-term power/energy development plans are useful in guiding necessary investments and the corresponding policy and regulatory changes to achieve the target fuel mix. However, in Southeast Asia, many of the long-term plans have a planning horizon of up to 25 years and are being updated frequently. The most frequent updates to power development plans are being done annually, and even the less frequently updated ones are being updated before a quarter of the planning horizon period is over—even though the plans cover an outlook horizon of between 10 and 25 years and typically consist of relatively significant changes. Frequent revisions to the development plans would not be an issue if the changes were not drastic, however, this has not been the case for many countries.

The power development plans across the countries in Southeast Asia appear to still be based mostly on planning based on conventional generation. Although they do mention the need for increased flexibility to allow more intermittent renewables to be added to the generation mix, there is little mention of the addition of flexible generation. This will need to be addressed in future plans to provide more clarity for potential independent power producers to attract investments in such flexible generation sources.

Staying consistent in planning and the creation of renewable energy zones will help coordinate power system planning and allow for faster-pace development of solar and wind capacity. This would be highly beneficial as it will help optimize the limited investment capital available for investments in grid enhancements by concentrating the capital on areas that have better renewable resources and more economically efficient transmission investment outcomes. In addition, this will provide a clear road map for investors and reduce the investment uncertainty on the areas where additional solar and wind capacity and flexible generation can be developed over the planning horizon.


Technology readiness to handle the increasing intermittency in the power system

The recognition of the need for more flexibility in the power system across most power development plans in Southeast Asia bodes well for the accommodation of more intermittent renewable capacity. However, for many of the plans, this is the very first time this has been included and it remains a relatively new concept for much of the region. The supporting mechanisms, such as capacity payment/market, ancillary service market, or frequency regulation service, are not implemented or are still at a very early stage.

Flexible generation is not a newly established technology, but the status quo needs to be changed to enable its development in Southeast Asia. There is currently no clearly defined remuneration mechanism for the delivery of frequency regulation services for batteries, as the only revenue stream is through the sale of electricity, which needs to change. Gas-fired generation is technically capable of playing a role in managing the intermittency, but the current contracting structure, based on a high level of utilization and fuel contracting with high fixed offtake obligations, does not allow for it to play a flexible role. The current gas generation fleet is also not suitable to play a peaking role. Its efficiency and corresponding fuel cost are greatly affected by lower utilization—as much as 300% higher than a baseload plant.

Source: S&P Global

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Lower land transfer and mortgage fees for Thai nationals only

The measure to lower transfer and mortgage fees for properties costing more than three million baht was meant for Thai nationality only, the government spokesman said on Friday.

“The interior ministry’s announcement which came into effect since January 18 was meant for Thai nationality only,” Thanakorn Wangboonkongchana told reporters.

He was referring to the Ministry of Interior’s measure to lower transfer and mortgage fees for properties costing more than three million baht from two per cent down to 0.01 per cent which was approved by the Cabinet and came into effect in January.

Government critics were attacking the government for introducing incentives for foreigners to buy up lands in Thailand.

“The government never had an idea to allow foreign nationals to use this privilege,” he said.

Thanakorn explained that the Ministry of Interior’s latest measure to allow foreigners who invest 40 million baht for at least three years in Thailand to purchase a residence on a one rai of land does not relate to the interior ministry’s announcement of the lowered transfer and mortgage fees in January.

Deputy Interior Minister Nipon Boonyamanee said on Wednesday that the ministry will propose the measure to allow foreigners who invest 40 million baht for at least three years in Thailand to purchase a residence on a one rai of land to the Cabinet but he did not say when.

Only four groups of foreigners will be allowed to participate including affluent individuals, retirees, job seekers and experts within targeted industries.

The right to own land will be in line with existing laws, including that can purchase only 49 per cent of rooms in each condominium, Nipon said.

He also echoed Thanakorn’s latest comments that only Thais will have the right to receive a 0.01 per cent transfer and mortgage fees for residences and condominiums that do not cost more than three million baht.

Thanakorn said if the ministry’s latest measure is approved by the Cabinet, it could increase the number of affluent foreigners living in Thailand by one million people and they could contribute more than one trillion baht to the Thai economy, 800 billion baht via new investments and 270 billion baht via tax collection.


Krungsri’s fintech arm pumps THB3bn into Thai, foreign start-ups

Krungsri (Bank of Ayudhya)’s fintech arm announced on Friday it will invest 3 billion baht in Thai and foreign start-ups over the next three years as part of the digital banking revolution.

            Krungsri Finnovate will invest the money via its new “Finnoverse” private equity fund, which will focus on blockchain and decentralised technology start-ups.

Sam Tanskul, managing director of Krungsri Finnovate, said the new fund’s launch was driven by the belief that banks and banking services are changing fast.

Blockchain is at the core of the trend for digital banking and assets, as the new technology that underlies secure online transactions.

Both blockchain and digital assets are fast becoming a part of people's everyday life, Sam said.

The Finnoverse Fund has been launched as a three-year investment plan (2022-2024) worth 3 billion baht.

It will focus on key areas of blockchain technology including domestic and international funds that invest in blockchain, new decentralised finance tech, the Metaverse, Web 3.0, nonfungible tokens and play-to-earn gaming, and blockchain for businesses.

"We will focus on blockchain and decentralised technology – not cryptocurrency, where there is too much speculation," Sam said.

The fund is already investing in Zipmex, a leading crypto exchange platform in Thailand, and ADDX, a market-investment platform from Singapore.

Sam added that Krungsri Finnovate is in talks to invest in three more start-ups, whose names will be announced later this year.

Meanwhile, the firm’s Finnoventure Private Equity Trust I now has 16 prominent start-ups under its wing, mostly in fintech and e-commerce. Two of them – Grab and Flash Express – have become unicorns.

Investors in this fund include Thai corporations and financial institutions such as PTT Oil and Retail Business (PTT OR), Siam Rajathanee, NTT Data, and the Thai Stock Exchange. Private Equity Trust I is now valued at 5 billion baht, enough to fund Thai start-ups for the next few years. So far, 326.3 million baht has been invested in the start-ups.


Thailand Aims to Become Hemp Production Hub

The government is proceeding with plans to make Thailand a regional manufacturing center for hemp products over the next five years, with the goal of generating at least 25 billion baht in revenue.

According to Industry Minister Suriya Jungrungreangkit, the value of hemp cultivated and harvested in Thailand is projected to grow by at least 20,000 baht per rai, creating more jobs throughout the industry supply chain.

Suriya added that the move is in line with the industry’s expansion, fueled by the relaxation of legal restrictions on commercial hemp in the United States, Canada, Australia, the European Union, China, Japan and South Korea.

According to the industry minister, the global hemp industry was worth 142 billion baht in 2020, representing a 22.4% increase over the previous year. The value is expected to reach 558 billion baht per year by 2027.

Thongchai Chawalitpichet of the Office of Industrial Economics (OIE) meanwhile said the ministry has also tasked his agency with developing an operational plan to support the promotion of hemp as the nation’s newest cash crop. He also said at least four major measures have since been established and are expected to be implemented upon approval by all parties involved.

Source : Thailand Business News

Thailand plans 1.34 trillion baht smart city to support industrial hub

THAILAND is planning to build a smart city in an industrial hub near Bangkok that has already drawn billions of dollars of investment pledges from global automotive, robotics, healthcare and logistics companies. 

A master-plan to build the city in Huai Yai subdistrict of Chonburi province, some 160 km south-east of Bangkok, was approved by a panel chaired by Prime Minister Prayuth Chan-Ocha on Monday (Jul 11). The yet-to-be-named city will be spread over 14,619 rais (2,340 ha) of land and will cost 1.34 trillion baht (S$52 billion) over the next 10 years, officials said.

The project will comprise 5 business centres for companies to rent as commercial areas, Kanit Sangsubhan, secretary-general of the Eastern Economic Corridor, told reporters. These will include a hub to house regional headquarters of firms, a financial centre, and areas for precision medicine, international research and development, and future industries such as clean energy and 5G technology, he said.

The residential quarter of the new city will be designed to accommodate 350,000 people by 2032, and generate 200,000 direct jobs, Kanit added. Residents will be mostly those employed in the industrial area, which is set to draw investments of about 2.2 trillion baht over the next 5 years, he said.

“The new city will be livable for the new generation of people as well as operate as business centres,” Kanit said. “We created this new project to compensate for the income Thailand lost during the pandemic.” 

The new city with its business centres can add an estimated 2 trillion baht to Thailand’s gross domestic product within 10 years, and the value of assets after a 50-year concession period will see a fivefold jump, the government said in a statement.

Prayuth’s government has touted the Eastern Economic Corridor — a development project whose goals include urbanisation, spurring advanced industries and adding infrastructure — to bolster the nation’s pace of economic growth that lags behind neighbours such as Indonesia and Vietnam.

The Eastern Economic Corridor comprises 3 provinces that historically have been the country’s manufacturing hub and currently contributes as much as one-fifth of the Thai economy. Its output is growing 6-7 per cent each year, faster than the rest of the country, officials said. BLOOMBERG



SCG showcases paper innovation, supporting eco-friendliness at APEC 2022 Thailand

Hosting the APEC 2022 all year long shall provide Thailand with great opportunities. Hence, SCG proceeds to support the ESG (Environmental, Social, and Governance) notion to build a green environment and sustainable society. SCG is collaborating with Thailand’s Ministry of Foreign Affairs to bring about the “Green Meeting” for the APEC 2022 Thailand. This involves considerations to optimize resource consumption to reduce the effects on the environment by providing “Green Arrangements” or meeting necessities made from recycled paper.

Mr. Pruthipong Poonthrigobol, Director, Division of International Economic Policy, Department of International Economic Affairs of Thailand explains that “the Asia-Pacific Economic Cooperation or APEC meeting is an influential drive of the world’s development as APEC member economies hold the world’s highest economic growth rate. All year, there will be over 10,000 participants joining the events. Thus, organizing gatherings to be “Green Meeting” is crucial to alleviating effects on the environment while benefiting further collaborations within the APEC framework in a sustainable manner.”

“The collaboration with SCG, our main alliance for meeting organizations, is essential and greatly beneficial. A tangible example is the displays made from paper that are reusable for future events. Also, the items can be used as storage or given to the participants for further use. This aligns with optimal resource consumption under the BCG (Bio-Circular-Green Economy) model for sustainable development.”

Ms. Prinda Akrapab, Manager – SCG champions optimal resource consumption via the reuse, reduce, and recycle practices. As a result, the “Green Meeting” idea was initiated to use recycled paper for the materials in the events.

“The challenge is designing delicate paper materials to be durable enough for yearly usage. They are light in weight with mobility attributes. More importantly, after use, they can transform into a container box for participants to bring home. Also, they can be recycled as eco-friendly bookshelves for disadvantaged schools. This helps to reduce waste resulting in less waste from all of the events. This is the full-scale “Green Meeting” concept.”

Ms. Prinda further elaborates that “the creativity of the design and optimal resource use leaves a good impression for all participants. This is because it is a collaborative effort to preserve the environment. Also, using paper materials offer limitless designs with no boundaries. This extends from venue decorations to other elements that can fulfill consumer needs.”

Mr. Korakod Areewithayalerd, Marketing Display Designer, SCGP adds that “the paper decorative items at the APEC 2022 Thailand were designed to be foldable and flexible in shapes. This contributes to less energy while transport. If every event converts to using paper, this will exponentially decrease pollution from installations. Also, it will reduce costs due to quick installations that require less manpower. This meets event organizers’ demand while caring for the planet.”

SCG upholds the practical guidelines related to the Circular Economy concept. We wish to invite everyone to support the “Green Meeting” practice by optimizing resource usage to help reduce environmental harm. This is beneficial for a sustainable world in accordance with the ESG (Environmental, Social, and Governance) initiative. The “Green Meeting” principles consider the following.

  1. Green Venue
  2. Green Document
  3. Green Arrangement
  4. Green Catering
  5. Climate protection by considering carbon footprint and carbon offsetting

Source : SCG

Thailand wins ‘Golden Travel Destination Award 2022’ from Dutch tour operator

The Tourism Authority of Thailand (TAT) is pleased to report that Thailand has won the ‘Golden Travel Destination Award 2022’ from Dutch tour operator, having scored an impressive 8.5 out of 10 in the company’s latest travel survey.

Ms. Soraya Homchuen, TAT Director of Paris Office, which its responsible areas are France, Benelux, Monaco, and North Africa,  said, “Thailand is very happy and honoured to receive this award. Our hearts are warmed by the idea that many people love and miss our wonderful holiday destination. And now, with Thailand once again open and entry restrictions having been significantly eased, we are pleased to welcome not only Dutch travellers, but travellers from around the world to our beautiful tropical beaches, our splendid temples, our bustling cities, our vibrant culinary scene, and everything else on offer.”

Dutch travellers scored Thailand highly in various areas of the survey. ‘Hospitality’ received the highest praise with a score of 8.8, followed by ‘Location’, ‘Attractions’, ‘Culture’, and ‘Restaurants’ each with 8.5, and ‘Going Out’ with 7.8.

The survey showed the favourite destinations in Thailand for Dutch travellers were Hua Hin (with a score of 8.6), Bangkok (8.4), Chiang Mai (8.3), Ko Samui (8.1), and Phuket (8.0).

“The high marks given Thailand in the survey illustrate well the kingdom’s enduring popularity with Dutch travellers, and helps strengthen Thailand’s status as a preferred holiday destination,” Ms. Soraya concluded.


Source : Thailand Business News

Oman eyes more aquaculture investment in Brunei

BANDAR SERI BEGAWAN – The Oman Brunei Investment Company (OBIC) is exploring more investment opportunities in aquaculture, particularly in salmon farming in Brunei, the second minister of finance and economy on Tuesday.

OBIC already owns a 50 percent stake in Golden Corporation, a local shrimp exporter.

When OBIC acquired a share in Golden Cooperation back in 2019, the company was harvesting 500 tonnes of shrimp [per year], Dato Dr Hj Amin Liew Abdullah said during the opening of the Oman-Brunei Darussalam Cooperation Dialogue.

“Despite COVID-19 related challenges, Golden Corporation was able to expand [production] by another 135 ponds, harvest over 4,000 tonnes of shrimp, and improve production capacity, cold storage facility as well as manufacturing and transport related logistics,” he added.

Source: The Scoop

New database for alternative protein startups

The Good Food Institute Asia Pacific (GFI APAC) has launched a new “one-stop shop” database in collaboration with FoodInnovate ⁠—a joint initiative launched by Enterprise Singapore (EnterpriseSG) together with the Agency for Science, Technology and Research (A*STAR), Economic Development Board (EDB), IPI Singapore, JTC Corporation (JTC), and the Singapore Food Agency (SFA).

GFI APAC said in a statement that the move aims to spotlight all of the knowledge and infrastructural resources that food companies can leverage to build their business and meet rising consumer demand for more secure and sustainable foods.

This important new tool allows startups to find any and all relevant resources offered by the Singapore government, with options to search by “need” (e.g. bringing in foreign talent, upstream research and development [R&D] funding, etc.) or by “development stage” (e.g. pilot stage, internationally commercialised, etc.).

Many of the listed government resources are also available to international startups outside of Singapore.

According to the statement, as Southeast Asia’s epicenter of food innovation, Singapore not only boasts a vibrant mix of culinary cultures, but also serves as a living laboratory for alternative proteins and launch pad for global climate and food security solutions.

“Singapore has emerged as the global model for how to effectively accelerate research and production of alternative proteins, so startups would be wise to take full advantage of the vital resources the city-state’s government has made available,” said GFI APAC Acting Managing Director Mirte Gosker.

“In a world besieged by skyrocketing protein demand, increased ecological disruption, and threats of viral outbreaks, the need for delicious and affordable plant-based, fermentation-enabled, and cultivated proteins has never been more urgent. That need also opens the door to an economic opportunity of historic proportions for startups smart enough to see the writing on the wall,” he added.

Headquartered in Singapore, the GFI APAC is Asia’s leading alternative protein think tank, accelerating a shift away from conventional meat production through open-access food science R&D, corporate engagement, and public policy.

According to GFI APAC, globally, meat consumption is the highest it’s ever been, and in Asia, experts have projected that meat and seafood demand will increase an additional 78 percent between 2018 and 2050.

By making meat, dairy, and eggs from plants or cultivating it directly from cells, GFI APAC modernises protein production, mitigates the environmental impact of its food system, decreases the risk of zoonotic disease, and ultimately feed more people with fewer resources.

Source: Technode Global

Read the original article HERE

Anson International to set up Brunei’s first commercial marine and decommissioning yard

Newly established consortium Anson International has signed on to set up Brunei’s first commercial integrated marine maintenance yard (MMY) and decommissioning yard (DY) at Pulau Muara Besar to first service domestic, then wider regional, demand.

The agreement, signed yesterday at the Ministry of Finance and Economy (MoFE), will see the creation of a 16-acre integrated yard which will serve as the anchor facility for the Brunei Darussalam Maritime Cluster (BDMC) once operational in the fourth quarter of 2024.

This falls within the government’s aspirations of expanding its services industry as one of its priority sectors under its economic blueprint.

The joint venture of Anson consists of local lead partner Qaswa Holdings of the Adinin Group of Companies, MoFE’s Strategic Development Capital Fund, and two foreign companies serving as lead technical partners – South Korea’s Dongil Shipyard for marine maintenance, and UK’s CessCon Decom for decommissioning.

The setting up of a commercial integrated yard positions the country’s economy to better capture the value of services relating to marine maintenance, repair and overhaul (MRO), and decommissioning and restoration (D&R).

This means businesses requiring MRO such as vessels, and D&R services such as Brunei Shell Petroleum assets and platforms, will be able to utilise the locally-based integrated yard instead of facilities abroad.

Source: Biz Brunei

Brunei Innovation Lab to drive ecosystem to produce new solutions

The newly-launched Brunei Innovation Lab (BIL) looks to increase the pipeline of innovative solutions and technology businesses in the country by developing an integrated technology and innovation ecosystem.

Situated on the ground and first floor of the Knowledge Hub (kHUB) in Anggerek Desa, BIL is a joint collaboration between Brunei Shell Petroleum (BSP), Shell LiveWIRE Brunei (LiveWIRE), Datastream Digital (DST), and Darussalam Enterprise (DARe).

BIL aims to develop the eco-system by creating capacity building programmes, identifying market and funding opportunities, forging collaborations amongst stakeholders and the wider technology community, and increasing awareness of the use of new technologies to the wider public.

With BIL’s ambitious’ plans usher in new innovation in the country, we take a closer look at their set up, programmes, and how they fit into Brunei’s wider digital aspirations.

Source: Biz Brunei

MATRADE eyes cumulative export increase of RM5 bil by 2025

KUALA LUMPUR (July 13): Malaysia External Trade Development Corporation (MATRADE) eyes to achieve a cumulative export increase of RM5 billion by 2025, to be contributed by 380 Mid-Tier Companies (MTC) under its Mid-Tier Companies Development Programme (MTCDP).

Chief executive officer Datuk Mohd Mustafa Abdul Aziz said the MTCDP, which was launched in 2014, is the only high-impact exporters’ development programme in Malaysia’s five-year development plan, aimed at accelerating export growth, enhancing their global competitiveness and promoting Malaysian homegrown brands in the global marketplace.

The MTCDP targets export-oriented MTCs with annual revenues of between RM50 million and RM500 million for manufacturing companies and RM20 million and RM500 million for services companies.

Since its inception, the programme has managed to outreach and groom 275 MTCs from various sectors and industries and this year, the programme will onboard another 25 well-established MTCs including 14 companies from the manufacturing sector plus 11 companies from the services sector, he told reporters at the MTCDP Wave 8 kick-off event here Wednesday (July 13).

He noted that despite consisting of only 2% of registered business establishments, MTCs are critical to the strength of the Malaysian economy, collectively contributed 40% of Malaysia’s Gross Domestic Product and support 16% of the workforce, helping communities all over the country to prosper.

“MTCDP in 2022 will be focusing on high impact and high growth industries, with greater emphasis on new elements of global competitiveness namely digitalisation and sustainability. These augurs with the 12th Malaysia Plan to regrow the economy, sustainable and inclusive growth, which will benefit the business communities on the whole.

“The development of MTCs in Malaysia will also drive the growth of micro, small and medium enterprises (MSMEs). Our MTCs can be the mentor or anchor to MSMEs in strengthening their competitiveness and business offering,” he said.

Meanwhile, deputy chief executive officer (exporters development) Abu Bakar Yusof shared that under the 11th Malaysia plan from 2016 to 2020, MTCs had cumulatively registered RM15.5 billion worth of exports, a 4% increase from the 10th Malaysia Plan achievement.

He said MATRADE is working closely with Deloitte Malaysia for this MTCDP programme, leveraging both parties' networks globally to help MTCs reach their targets.

Beyond that, he said MTCDP is aligned with the 12th Malaysia Plan (12MP) to increase inclusivity by paving the way forward for other MSMEs to bridge the gap with MTCs.

“MTCs with their global supply chain could continue to lead the way forward for our industries and be seen as a positive example to other MSMEs in growing their businesses and realising their entrepreneurial ambitions.

“This programme will positively impact the supply chain beneficiary, especially the MSMEs. In fact, this is also aligned with the 12MP aspirations, where we should not overlook the bottom line of our MSMEs in the global supply chain,” he added.

Source : The Edge Market