Matrade gives RM13 million grant to help businesses to expand overseas

The Malaysian External Trade Development Corporation (Matrade) has given RM13 million out of the RM20 million from the Market Development Grant (MDG) to almost 1,000 entrepreneurs to expand their businesses overseas.

The number of recipients comprising Bumiputera entrepreneurs increased to 19 per cent this year from 18 per cent last year under the grant given by the government, the Senior Manager for the MDG Grant, Mohamad Noor Azhab, told a media briefing on the MDG here Friday.

As of May this year, Matrade received applications from the food and beverages, furniture, pharmaceuticals, cosmetics, construction and building materials as well as machinery and equipment sectors.

Last year, he said that the government allocated RM46.7 million under the MDG Grant where 3,000 entrepreneurs benefited.

Bumiputera small and medium enterprises have also been urged to apply for the grant which offers financing of up to 50 per cent of the cost of participating in an expo or holding promotions abroad.