KUALA LUMPUR, Aug 26 (Bernama) -- Malaysia External Trade Development Corp (Matrade) is eyeing US$10 million business deals at its participation at the trade fair in Mongolia.
Its director for Business Services and Building Materials Section, Ong Yew Chee, said Matrade would coordinate the participation of ten Malaysian firms at the Ulaanbaatar Partnership International Trade Fair 2014 from Sept 11-15, 2014.
"The companies are from the food and beverages, creative, logistics and professional services sectors.
"We are still waiting for confirmation from a private university to be one of the participants as the educational sector there has a lot of potentials," he said at a media briefing here Tuesday.
Ong said Mongolia, an important emerging market and one of the Asia's fastest-growing countries, should be further tapped by Malaysian firms in their quest for global growth and expansion plans.
"Among Mongolia's potential sectors are infrastructure development, tourism, hotels and hospitality, healthcare, prepared food, energy as well as mining," he said.
Ong said Malaysian exports to Mongolia had been growing at an annual average rate of about 30 per cent since 2009.
Malaysia's trade with Mongolia in the first half of this year rose by 62 per cent to RM65.4 million and exports increased by 60.8 per cent to RM64 million compared with the same period last year.
Malaysia's imports from the country for the first half was RM1.4 million.
Mongolian National Chamber of Commerce and Industry representative, Dasmzeveg Sukhbatar, said in line with economic growh and the increase in purchasing power, Mongolians were now more receptive to high-quality products and services.
"Mongolia is a country with a small population of about three million people and almost 80 per cent of the food items are imported.
"Malaysian products and services are well-known in Mongolia for being of high quality and reasonably priced," he said.