KUALA LUMPUR: The Malaysia External Trade (MATRADE) announced that Malaysian companies have secured potential trade deals worth RM152 million at BuildXpo 2024 through the International Sourcing Programme (INSP).
The programme facilitated pre-arranged business meetings between Malaysian companies and 11 international buyers from eight countries, such as Qatar, Australia, Hong Kong, Poland, Egypt, China, Thailand, and Vietnam.
In a statement, MATRADE said that the INSP further solidifies Malaysia's position as a global sourcing hub for high-quality products and services in the construction industry, held alongside the exhibition, which aims to promote Malaysia's construction and building materials. sector.
MATRADE chief executive officer (CEO) Datuk Mohd Mustafa Abdul Aziz said that the event had gathered key stakeholders from the construction sector, showcasing a tremendous array of innovations and fostering industry partnerships.
"In 2023, exports of construction services generated RM9 billion in revenue, reflecting the country's growing role in the global market. Malaysian firms are particularly competitive in project management, sustainable building techniques, and Industrialised Building Systems (IBS), which are increasingly being used in large-scale developments abroad."
Mohd Mustafa said that the global transition towards sustainability and green construction has opened new doors for Malaysia's construction industry.
He added that demand for eco-friendly products is especially strong in developed markets like the European Union (EU), where stringent environmental regulations require sustainable construction solutions.
"MATRADE plays a critical role in promoting Malaysia's construction sector internationally. Through our 49 offices worldwide, MATRADE has facilitated partnerships between Malaysian firms and international developers, assisting local companies in securing contracts on high-value projects in Africa, Southeast Asia, and the Middle East. We are committed to expanding our footprint in key export markets," he said.
He urged companies to adopt digital technologies like artificial intelligence (AI), building information modelling (BIM), and environmental, social, and governance (ESG) practices to stay competitive globally.
MATRADE aims to continue promoting Malaysia's construction sector with participation in future events such as the Big 5 Global 2024 in Dubai, aimed at exploring opportunities in the Middle East.