KUALA LUMPUR, Malaysia, Oct. 10, 2012 /PRNewswire/ -- MFG.com (http://www.mfg.com/en-apac), the largest online marketplace for the manufacturing industry, recently joined hands with multiple overseas manufacturing corporations to kick off the Asia Supplier Discovery Tour in Kuala Lumpur and Penang for generating new business for manufacturing suppliers across Malaysia. More than 100 manufacturing suppliers from all over Malaysia attended. This tour is aimed at helping business development efforts of manufacturing companies in Malaysia, especially SMEs, by offering them valuable opportunities to talk face-to-face with European and American buyers who with immediate sourcing projects totaling in the hundreds of millions of dollars.
The manufacturing industry in Malaysia is growing at a rate of 13 percent each of the last ten years, and it alone contributes 33 percent to GDP and 80 percent of product exports in Malaysian foreign trade. According to data issued by the Malaysian Industrial Development Authority (MIDA), the manufacturing sector accounted for more than half of all foreign direct investment (FDI) inflows in 2011, almost double the 27% drawn-in by the services sector. Malaysia's manufacturing industry is expected to continue expansion momentum in 2012 thanks to increased consumption from both the domestic market and overseas markets as well as incentive policies endorsed by the local government.
"As the economic recovery in the US has been slower than expected, depending entirely on the US market is a losing strategy for any manufacturing business and in the long run bad for employment in America as well. We see that lots of US-based manufacturers are now looking for alternative sourcing destinations in Asia to reduce their costs as well as develop key partnerships," said Mitch Free, the CEO and founder of MFG.com. "Therefore, the growth in the economies of major export destinations for Malaysian products, especially ASEAN member countries, China, the US and the EU, will raise demand. The overall prospect for the manufacturing industry in the second half of 2012 is expected to be positive."
MFG.com has a large base of sourcing professionals who use MFG.com for sourcing made-to-order parts and are searching for corporations specializing in machining, fabrication, forging, plastic injection molding, stamping, etc. Since MFG.com was founded in 2000, more than $115 billion in commercial manufactured goods have already been sourced through the platform. "This is not the first time we have come to Malaysia, and it definitely will not be the last time. MFG.com is committed to deploying even more resources to help buy-side manufacturers to satisfy their sourcing needs and to bring more qualified sourcing projects to the doorsteps of global manufacturing suppliers through such activities," Free said.
It was also recently announced that MFG.com was selected as a key provider to help the Department of Defense (DoD) of the United States to improve their sourcing of manufactured goods necessary for military readiness. The first solicitations have now been posted and MFG.com suppliers have already begun responding.
Josh Xu
joshxu@mfg.com
