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COUNTRY REPORT - MALAYSIA order for people to get to know Eversafe. We send them our ca- talogues and meet them at events. Then, at any time, they can try and test the product. You need time, though, to develop positions in new markets.” At the time of our visit, Malaysia was in the middle of the lead up to a General Election, and so the local market had been in a sta- te of stagnation for several months, waiting for the result of the election to provide impetus to the market. In particular, there had been a lack of construction projects to give the transport sector a boost, although Eu admitted that transport movements had im- proved somewhat since Malaysia’s borders opened for tourists in May. “Things are improving,” said Eu, “but compared to other countries, - re should be more business in 2023, though, because this year we have just recovered from the pandemic. We foresee growth during the second half of 2023 once the markets have stabilised - tter picture in the second half of next year if the currency markets In terms of Eversafe’s plans for the Malaysian market, Eu is unequivocal. “Among the retreaders in Malaysia, most people know Eversafe already,” he said. “We will maintain our market share in Malaysia and continue to supply extensively to local re- treaders, but then we will focus more on expanding more over- seas. Indonesia, for example, is a market where there will be more business. Malaysia won’t grow any bigger. Whatever country we have product in, our target is to maintain our existing customers. At the same time, wherever there is an opportunity, we will go for it. We are not saying we are going to every country, but if there is an opportunity we will go there, and we will try our best to provide our product to them. We are seeing enquiries from everywhere.” In previous years, Eversafe had shown an interest in expanding in that region were still ongoing, with the majority of the com- pany’s business coming from Honduras, backed up with occasio- position is the same as it was a few years ago,” said Eu. “It is an ongoing process to keep on supplying the treads to these markets. costs impacting our investment there. That’s why the last two years we have slowed down on that. Now with the shipping fees coming down this could be an opportunity again.” P.8
