By, AmojoFunsho, Abuja.
The Malaysia External Trade Development Corporation (Matrade) is accelerating its effort to grow Malaysia’s oil and gas sector’s footprint in Africa by spearheading an Export Acceleration Mission (EAM) to two main oil-producing countries in the region.
The EAM according to a statement by Matrade, was specifically tailored to assist Malaysian companies to tap into the sizable opportunities in the oil, gas and energy sector in Nigeria and Ghana.
The expo which is ongoing in Abuja, Nigeria will be rounded up Wednesday and continuedin Accra, Ghana from Wednesday until Friday this week.
Matrade’s director of oil and gas, chemical and energy Jai Shankar who led the mission said the EAM will help to increase interest among Malaysian small and medium enterprises (SME) in the oil and gas services and equipment (OGSE) sector to explore the opportunities in Africa.
The continent he said has the potential to become a major oil-producing region in the future.
“Such specialised missions are ideal for Malaysian companies seeking niche but high-growth markets to enhance their export revenue.
“Furthermore, the possibility for SMEs to source for projects and build their visibility in developing markets are often higher,” he said.
The effort to promote Malaysian SMEs in OGSE sector said Jai, need to be amplified to enable the companies to an avenue to showcase their capabilities and expertise in providing world-class products and services.
According to Matrade, the mission would involve six Malaysian companies, representing both products and services from various segments in the industry.
Apart from customised pre-arranged business meeting sessions, Malaysian companies will also participate in roundtable discussions with industry leaders from the Nigerian and Ghanaian national oil companies.
There will be some opportunities from efforts by the Nigerian Petroleum Development Company to increase exploration activities as part of its aims to be the largest upstream player in Nigeria, said the trade promotion agency.
Nigerian Petroleum Development Company is a subsidiary of Nigerian National Petroleum Corporation
As for Ghana, Matrade said the country is actively seeking the involvement of foreign companies in its oil and gas sector, especially in the upstream activities as reflected by the launch of it’s first offshore licensing in October 2018 with many Malaysian oil and gas companies having actively ventured into the market.
Last year, trade between Malaysia and Nigeria recorded a substantial growth of 15.7 per cent to RM2.86 billion, compared to RM2.48 billion in 2017 while total trade with Ghana, however, showed a decline of 4.7 per cent to RM1.92 billion in 2018 versus RM2.01 billion in 2017.