Malaysia targets RM50 billion halal exports by year-end

Malaysia targets RM50 billion halal exports by year-end

- in Islamic Thought
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The Malaysia External Trade Development Corporation (MATRADE) aims to achieve its RM50 billion halal export target by year-end by enhancing its global marketing activities for local halal products.

To realize this, the trade promotion agency will be leveraging the 17th Malaysia International Halal Showcase (MIHAS), to be held on 1-4 April this year.

Deputy Chief Executive Officer (Export Acceleration) Mohd Mustafa Abdul Aziz told Bernama that Malaysia has a lot of advantages in the halal industry, especially in terms of certification, but Malaysian industry players must not remain complacent.

“Malaysia’s success in the halal industry has motivated a lot of other countries, both Muslim and non-Muslim, to explore the prospects of halal for their economy.

“We need to ramp up efforts to ensure the relevance of our local halal products globally, as there is still a major lack of understanding of what halal is all about among global buyers,” he said.

Mustafa said MIHAS is a good platform to address this as it showcases the industry’s value to global buyers. “Halal means the product is of superior quality and reliable — qualities that global buyers are looking for,” he said.

He said the growing Muslim population worldwide and the rising demand by non-Muslims for halal products also facilitate the rapid progress of the industry.

“Consumers are now actively seeking and familiarizing themselves with halal products and services, which include food and beverages, ingredients, healthcare products and services, personal care, tourism as well as financial services,” he said.

According to Dinar Standard’s “State of the Global Islamic Economy Report 2019/20”, Muslims spent US$2.2 trillion in 2018, a 5.2 percent growth year-on-year. The amount is expected to increase to US$3.2 trillion by 2024 at a compound annual growth rate of 6.2 percent.

Organized by MATRADE, MIHAS offers Malaysian exporters a platform to showcase their halal brands, and visitors will also be able to witness the conducive halal ecosystem that Malaysia has in place.

“Malaysia is currently the only country in the world that boasts a comprehensive ecosystem for the halal industry development agenda.

“This includes halal certification systems, standards and regulations, infrastructures, incentives, human capital and Islamic banking, supported by effective frameworks from governmental institutions, all linked together to create a holistic halal ecosystem,” Mustafa said.

MIHAS 2020 will also feature the International Sourcing Programme (INSP), a business-to-business matching event, to be held on March 31.

This year’s INSP will involve 400 foreign buyers, to be matched with local small and medium enterprises.

Over the past 16 years, MIHAS’ INSP attracted a total of 4,382 international buyers from more than 50 countries who were matched with 7,400 Malaysian companies.

More than 54,000 business meetings were arranged throughout the years, generating more than RM17.2 billion in export value.

MIHAS 2020 also offers networking and learning opportunities, industry-renowned fora as well as talks by experts from various halal industries.

Key sectors to be promoted at the halal trade event include food and beverages, food technology manufacturing, pharmaceutical, cosmetics, logistics, tourism, Islamic Finance, digital and franchise.

The world-renowned event was awarded “The Best Malaysia Iconic Event” at the Malaysia Business Events Award in 2019 by the Malaysian Association of Convention and Exhibition Organizers and Suppliers.




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