KUALA LUMPUR: Companies must seek opportunities in crisis by looking to export markets and one of the ways they can do so is by leveraging various trade corridors – in and across Asia, Africa and the Middle East markets – to strengthen growth, according to industry experts at a recent Export Excellence Awards (EEA) 2021 webinar.

       The webinar, titled Export and Investment Across Trade Corridors, kicked off with a keynote speech by Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed. (pic)

       “To be a successful trading nation, Malaysia has to be more aggressive in promoting our goods and services overseas. Going forward, we have to continue building on our (core) strengths,” he said, referring to the electrical and electronics sector as an example.

       He also added that green investments and trade will only become more important in the years to come, calling for Malaysian businesses to prepare for the new landscape by ensuring that exported goods and services continue to meet global standards and expectations.

       Following the speech was a panel discussion, moderated by Standard Chartered Bank Malaysia managing director and CEO Abrar Anwar, which featured Standard Chartered Bank Singapore and Asean Markets (Malaysia, Vietnam, Thailand and rep offices) cluster chief executive officer (CEO) Patrick Lee, Malaysia External Trade Development Corp (Matrade) export acceleration deputy CEO Sharimahton Mat Saleh, Pentamaster Corp Bhd chairman Chuah Choon Bin.

       Stressing on the need for deeper economic connectivity and increased intra-regional cooperation in Asean to provide businesses with access to new markets and emerging growth opportunities, Lee said that intra-Asean is one of the trade corridors with the most potential for growth.

       He added that increased physical and digital connectivity through regional initiatives such as the Master Plan on Asean Connectivity 2025 is likely to generate sustainable growth opportunities in Asean by connecting economies and industrial clusters.

       According to Standard Chartered’s newly released Borderless Business: Intra-Asean Corridor report, rising consumption levels will drive demand for food and beverage, including healthier options as more consumers adopt flexitarian diets and better healthcare services.

       The healthtech industry, such as telehealth and remote patient monitoring and analysis, is also one to watch. And the region’s growing density will require increasing infrastructure needs, which are likely to spur activity in the construction sector.

       In addition, Lee said that Asean’s growing focus on sustainable practices, whether in infrastructure development or related to renewable energy consumption or reduced carbon emissions, will also give rise to new opportunities in sustainable growth solutions.

       Matrade’s Sharimahton highlighted the challenges faced by businesses in international trade and export, citing the lack of local networks, market information and regulations, as well as reliable partners in target markets as key barriers for expansion.

       Emphasising that companies must quickly adapt to the paradigm shift in business practices or lose out on opportunities, Chuah said that Pentamaster took quick action to change the way it does business to combat issues arising from travel restrictions and supply chain disruptions.

       “We had to (quickly shift to) do online meetings, buy-off, set-ups, installations. We opened up local offices with local hires to assist with on-site operations,” he shared, noting that the new challenges have also opened up opportunities, in terms of increased automation in manufacturing.

       Adding onto Chuah’s point of view, Lee said: “The pandemic has been a major catalyst for digitalisation. Over the past one year, we have seen massive changes in the way organisations operate. Amid the disruption, one clear trend has emerged.

       “Digital transformation has accelerated across every industry, with digital channels having become the primary conduits of customer engagements, business productivity and supply chain resiliency.

       “Businesses need to have an open mind set with willingness to invest in technology upgrades to stay ahead.”

       As such, Abrar stressed that companies must heed the call to seek opportunities in markets with strong growth potential beyond the country’s borders, despite the uncertainty caused by the pandemic and its associated economic repercussions.

       “Finding the right banking partner with a global presence can play a crucial role in facilitating their clients, from sourcing funding and managing liquidity, as well as managing foreign exchange risks, to understanding regulations and building relationships with suppliers and supply chain logistics.

       “The financial institution can play a facilitating role in easing access to unfamiliar markets and alleviating such challenges for their clients,” he said.

       He added that Standard Chartered is the only international bank present in all 10 Asean countries with presence in two-thirds of the Belt and Road markets, which can be an invaluable asset for companies looking to expand across geographical borders. EEA 2021 is organised by Star Media Group in partnership with Standard Chartered, with Matrade as patron. It is audited by BDO. Those keen to apply for EEA 2021 can visit exportawards.com.my, contact Victor at victorcheong@thestar.com.my or Jency at jencyjohn@thestar.com.my.