KUALA LUMPUR: The Investment, Trade and Industry Ministry (Miti) will continue to expand and strengthen Malaysia's export markets through initiatives under the 2027 Budget.
Deputy Minister Sim Tze Tzin said Miti, through the Malaysia External Trade Development Corporation, would lead export-strengthening initiatives through the RM60 million Export Capacity Building Programme and the RM50 million Export Strengthening and Market Diversification Fund.
The initiatives would also be supported by RM1 billion in financing facilities from Bank Pembangunan Malaysia Bhd and RM10 million through EXIM Bank.
"Through 200 export promotion activities, the programme is expected to directly benefit more than 3,500 local companies, with export sales targeted to reach RM12 billion by the end of 2027," he said in a statement.
The deputy minister said efforts to facilitate business would also be intensified through collaboration between the Malaysia Productivity Corporation and the Special Task Force on Agency Reform to reduce bureaucratic red tape.
He revealed that the regulatory reform initiative had so far helped save industries RM3.71 billion in compliance costs and expedite business licence approvals.
Sim said Miti is also focusing on developing viable regional industrial clusters to promote balanced economic growth nationwide. The comprehensive and integrated implementation of these initiatives was expected to enhance Malaysia's standing as a leading regional investment destination and a sustainable global trade hub.
"These efforts include the ministry's strategic initiatives to drive the Johor-Singapore Special Economic Zone, develop automotive and maritime hubs in Perak, and strengthen the semiconductor chip technology ecosystem in Penang and Kedah," he added.
"They also involve expanding trade corridor infrastructure in Perlis and developing a planning framework for a Special Economic Zone in Sibu, Sarawak."
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