Matrade calls on young entrepreneurs to venture into footwear business

KUALA LUMPUR: The Malaysia External Trade Development Corporation (Matrade) is urging young entrepreneurs to venture into the footwear business due to the industry's huge growth potential.
Deputy Chief Executive Officer, Datuk Wan Latiff Wan Musa, said by adopting a creative and innovative mindset and awareness of the market trend, the young entrepreneurs should be able to come up with fashionable and comfortable designs for shoes.
Speaking to reporters at the launch of the Nottingheels Spring Summer 2018 collection here today, he said Malaysia's total footwear exports amounted to RM715.5 million in 2016, a 22.4% increase from RM584.7 million recorded in 2015.
"Major exports included footwear with outer soles/uppers of rubber, plastics and leather worth RM175.1 million and sports footwear with outer soles of rubber/plastic valued at RM77.6 million," he added.
He noted last year, Singapore was the biggest market for Malaysia's export of footwear valued at RM205.5 million, accounting for 28.7% share of total footwear export, followed by Indonesia with RM46.3 million (6.5% share) and United Kingdom (RM43.9 million; 6.1% share).
Earlier in speech, Wan Latiff said Malaysian companies could strengthen the local industry's capability by moving up the value chain to further enhance its involvement in international trade.
"While the global market promises many opportunities, there is intense competition that requires local producers to innovate and keep abreast of current customers' trends and needs, particularly for products that cater to a healthy lifestyle.
"It is therefore important for companies to gather market insights before exploring the international markets," he said.
Meanwhile, commenting on pre-budget 2018, Wan Latiff hoped that the government would allocate a reasonable amount of funds for export promotion to continue boosting the nation's export performance going forward.
"Up to August this year, we are pleased with export performance which grew by 22% from the same period last year, despite the low budget that we get in Budget 2017," he said. — Bernama