Malaysia’s SIB Taps New Market in Norway

Sapura Industrial Bhd (SIB) expects its export revenue contribution to reach 20% to 30% in less than five years after it taps new markets such as Norway and Brazil.
Chief operating officer Mohamad Razali Osman said the outlook of the local automotive industry was improving but SIB does not want to rely on the domestic market.
“We are not just looking at the current clients that we have, we want to penetrate new markets,” he told reporters after the company AGM on 18 July 2008.
Mohamad Razali said SIB’s products would be sold in Norway in two month’s time, while exports were scheduled for Brazil in 2009.
Mohamad Razali said SIB was in talks to secure orders in other markets such as South Korea and Europe, adding that the firm expects to penetrate these markets next year.
SIB currently exports to Thailand and the Philippines. This contributes less than 5% to the group’s revenue.
The company’s major clients include Proton, Perodua, Naza and Volvo. It is involved in manufacturing shock absorbers, springs, brake calipers and other related automotive parts.

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