Kuala lumpur: The Ministry of Investment, Trade and Industry (MITI) is targeting a 15 per cent increase in the country's wood-based product exports this year, following a robust performance that saw an export value of RM14.6 billion last year. Deputy Investment, Trade and Industry Minister Sim Tze Tzin stated that Malaysia's wood-based industry has successfully penetrated over 160 international markets, earning the confidence of developed countries due to the high quality of local products.

According to BERNAMA News Agency, the "Made by Malaysia" initiative will be further strengthened to enhance the industry's competitiveness, which is crucial for contributing to the country's exports and GDP. MITI, in collaboration with industry partners such as the Malaysian Furniture Council (MFC), aims to bolster the global presence of Malaysian wood and furniture products through strategies focused on growth, modernization, and competitiveness.

Sim highlighted that Malaysian-made furniture remains highly sought after internationally, with the United States being the largest export market, valued at RM6.15 billion or 49.1 per cent of the sector's total exports. Singapore follows as the second largest, with exports worth RM1.19 billion or 9.5 per cent. Other significant markets include Japan and Australia, each contributing 4.6 per cent, and the United Kingdom at four per cent.

The Deputy Minister emphasized MITI's efforts to expand into high-potential markets such as China, South Korea, and India to further propel the sector's growth. He noted that the ongoing increase in wood and furniture exports could stimulate economic growth and potentially create thousands of new jobs within the industry.

Johor stands out as the state with the highest approved investments in the country, amounting to RM110 billion, providing a strong foundation for enhancing manufacturing and export activities in the wood and furniture sectors. Sim affirmed MITI's commitment to ensuring a conducive ecosystem through policy coordination, financing, and market access to make the Malaysian furniture industry more resilient, innovative, and globally competitive.

To accelerate industry growth, various financing facilities and support programs are available through agencies like the Malaysian Industrial Development Finance Bhd, EXIM Bank Malaysia, the Malaysia External Trade Development Corporation, and the Malaysian Investment Development Authority.