SME Bank Malaysia has initiated its fourth Export Acceleration Mission (EAM) for the year 2024, focusing on the United States. This strategic endeavor coincided with the Summer Fancy Food Show 2024 held at the Javits Center in New York, United States.
Under the purview of SME Bank and with strong backing from the Ministry of Entrepreneur and Cooperatives Development (MECD) and MATRADE, the Export Acceleration Mission (EAM) serves as a dynamic platform for Malaysian Micro, Small, and Medium Enterprises (MSMEs) under the Business Exports Program (BEP) to showcase their innovative products and services on the international stage.
Datuk Wira (Dr.) Aria Putera Ismail, the Group President/Chief Executive Officer of SME Bank, said, “Since its inception in 2020, the EAM has witnessed the enrollment of 80 companies, achieving remarkable export revenue of RM187.68 million as of December 2023. Remarkably, there has been an incremental export revenue of RM74.56 million during the same period.
The program’s success stories are evident, with 35 companies successfully penetrating new export markets, including Maldives, Australia, the UK, Qatar, and the US. Additionally, 13 companies have obtained new or additional financing totaling RM143.95 million, contributing to the creation of 10 new exporters.”
During the event, approximately 3,000 buyers and visitors from North America, South America, and Europe visited the booth. Nearly 200 interested buyers were recorded, with 55% of them being authorised purchasers. Among these buyers, 52% are distributors, wholesalers, and retailers. The initial target for the EAM was to achieve potential sales of USD 10 million. However, participants exceeded expectations by securing potential sales of USD 15 million, along with inquiries from distributors and chain stores across the US.
Featuring 11 companies from the Business Exports Program (BEP) in the food and beverages industries, SME Bank aimed to equip these BEP participants with specialised guidance from Enescorp International LLC, a seasoned market linker. This assistance aimed to help them navigate the demanding landscape of the US market and introduce local flavors to American consumers.
Norizan Sharif, Chief Executive Officer of Enescorp International LLC said, “Enescorp is eager to facilitate the smooth introduction of Malaysian products into the US market. We offer a comprehensive range of services, including online platform listings and regulatory compliance, to ensure seamless entry. Our extensive experience in importing various Malaysian products, combined with our soft-landing program, equips Malaysian companies to confidently navigate the complexities of the US business landscape. From packaging enhancements to FDA registrations, Enescorp remains dedicated to supporting Malaysian businesses at every stage, promoting export sales growth and long-term success.”
“This EAM presents a golden opportunity for BEP participants to tap into the vast US consumer base of 335 million. With transparent government regulations, a diverse market, robust infrastructure, and favorable exchange rates, SME Bank is committed to supporting entrepreneurs in expanding their market presence.
We extend our deepest gratitude to the Malaysian Consul General in New York, MATRADE New York, and the Agriculture Counselor Office at the Malaysian Embassy in Washington DC for their invaluable support and cooperation in making this initiative possible,” Datuk Wira Aria added.
By leveraging initiatives such as the BEP and EAM, SME Bank urges additional MSMEs to grasp the chance to venture into the US market, propelling their businesses to success. This undertaking aligns with the Ekonomi MADANI policy framework, which advocates for the enhancement of local companies across all tiers through the enhancement of the innovation ecosystem, bolstering venture capital, and fostering the export focus of MSMEs.
