MATRADE Celebrates OTC Inaugural Participation; Reports Total Generated Sales Of $7.2B
The Malaysia External Trade Development Corporation (MATRADE) in participation with Malaysia Petroleum Resources Corporation (MPRC) celebrated the inaugural opening of the OTC Malaysia Pavilion on April 30 with a media event and speech by MATRADE chairman and spokesman, Dato’ Mah Siew Keong.
MATRADE, the national trade promotion agency of Malaysia aims to raise the profile of Malaysian exporters in foreign markets, disseminate timely information and market intelligence to help Malaysian companies gain a competitive edge in international markets. The agency introduces Malaysian companies to foreign importers seeking Malaysian suppliers and is represented worldwide through 40 locations in major commercial cities including: Los Angeles, London, Beijing, Tokyo and Milan.
MATRADE along with 19 oil & gas companies and 11 related agencies and associations reported total generated sales of $7.2B during OTC 2012. The business transactions took place in the 4,000 sq ft Malaysian Pavilion and will work toward the National Key Economic Area (NKEA) plan, which paces Malaysia to be the number one oilfield services hub in Asia by 2017.
“By attending OTC it is our hope that Malaysian companies will benefit and utilize attendance as a launching pad for expanding business not only in the US, but also in Latin America and Canada,” said Dato' Mah. “The increasing globalization and liberalization of trade and investment makes it imperative for developing countries to collaborate and expand bilateral trade and investment ties. Malaysia has established close relationships and bilateral cooperation with the US and hopes to strengthen them in the coming years.”
The growth of the Malaysian oil & gas industry has spawned a whole support industry, providing services and products to operators including Enhanced Oil Recovery (EOR), engineering services, exploration, logistics and transportation.
During the opening ceremony of the Malaysian Pavilion, two Memorandums of Understanding (MOU) were signed between Malaysian and American companies. Muhibbah Engineering (M) Bhd signed an agreement with Ford, Bacon & Davis USA regarding engineering and project management services for oil & gas, energy and process services; and Innovative Fluid Process Sdn Bhd signed a MOU with Americas Energy Company for the provision of facilities, system design and engineering. The signing of the MOUs was intended to build a cohesive network and ensure a level of services between the two parties is achieved.
SOURCE: Malaysia External Trade Development Corporation