Malaysian Prime Minister Datuk Seri Ismail Sabri Yaakob has unveiled the National Trade Blueprint (NTBp), which aims to boost the country’s competitiveness by enhancing the business ecosystem and ensuring sustainable growth in international trade. Through the NTBps, Malaysia hopes to be a leading export country by 2025.
The five-year blueprint will concentrate on eight strategic thrusts through Trade Facilitation, Logistics, Standards Compliance, Market Access, Sustainability, Digitisation and Technology, Investment, and Branding. NTBp will also address the structural changes identified by the Ministry of International Trade and Industry (MITI) and Malaysia External Trade Development Corp (Matrade) that are essential for the export business to thrive. During the Covid-19 pandemic, the government has been focusing on sustaining exports, assisting local companies in their export-related activities, and identifying new, untapped prospects to expand Malaysia’s export footprint to fulfil rising global demand.
According to Ismail Sabri, NTBp should serve as a catalyst for identifying Malaysia’s future sources of competitiveness, gaining a thorough understanding of the global supply and demand market, and developing coordinated government-private sector partnership. In addition to advocating an economic agenda that is aligned with the nation’s social landscape, the blueprint works on thrusts and recommendations aimed at inclusivity, fair distribution of wealth, closing inequality gaps, raising Malaysians’ livelihoods, and having a positive impact on the nation through higher income generation.
(Sources: MATRADE; Malay Mail; The Sun Daily)