Malaysia will continue to focus on new markets, allocate funds to explore new markets - Tengku Zafrul

KUALA LUMPUR: Malaysia will continue to focus on new markets while exploring non-traditional markets to ensure the country’s economic and trade interests remain strong, said Investment, Trade, and Industry (MITI) Minister Tengku Datuk Seri Zafrul Abdul Aziz.

He stated that the government will continue to allocate funds to local companies, including small and medium enterprises (SMEs), to explore new markets.

“These allocations will provide opportunities for these companies to enter new markets such as Russia, Africa, the Middle East, and South America,” he said during a question-and-answer session held alongside MITI’s first quarter 2025 performance report press conference.

Earlier, Prime Minister Datuk Seri Anwar Ibrahim informed the Special Sitting of the House of Representatives regarding the US tariff that the government will provide an additional allocation of RM50 million to the Malaysia External Trade Development Corporation (MATRADE) to accelerate efforts in exploring new markets.

Tengku Zafrul said that the prime minister is expected to make an official visit to Russia in the near future.

“The prime minister is expected to meet with partners and companies trading with and investing in Malaysia, as well as hold meetings with Malaysian investors in Russia,” he said.

When presenting MITI’s first-quarter 2025 performance report, Tengku Zafrul added that Malaysia will deepen collaboration with BRICS, the South American economic bloc Southern Common Market (MERCOSUR), and diversify its markets further.

The first-quarter 2025 report also highlighted that Malaysia will enhance intra-ASEAN trade efforts and expedite the ASEAN Trade in Goods Agreement and the Digital Economy Framework Agreement.