MATRADE Aims RM3.5 Bln Sales At MIHAS 2024

KUALA LUMPUR – As the global demand for halal products continues to surge, the Malaysia External Trade Development Corporation (MATRADE) has ambitious plans for the upcoming Malaysia International Halal Showcase (MIHAS). Slated for September 17-20, 2024, this highly anticipated event aims to generate RM3.5 billion in sales, up from RM3.2 billion last year. Held at the Malaysia International Trade and Exhibition Centre (MITEC), MIHAS continues to cement its place as the world’s largest halal trade event, providing a platform for industry leaders, innovators, and entrepreneurs to showcase their products and services.

Sales At MIHAS 2024: Setting a New Benchmark

Under the dynamic leadership of Chairman Datuk Seri Reezal Merican Naina Merican, MATRADE is setting a new benchmark for sales at MIHAS 2024, targeting higher participation and engagement from exhibitors and buyers alike. The 2024 edition is expected to be the largest yet, with 1,400 exhibitors and 330 international buyers from 66 countries. This is a notable increase from last year’s 1,040 exhibitors and 231 buyers from 44 countries. According to Reezal Merican, the participation of high-quality exhibitors and international buyers is a strong indicator of the event’s growing influence.

“With the increased participation and the quality of exhibitors and buyers we’re seeing, I am confident that MIHAS 2024 will not only meet but exceed our sales targets,” said the chairman in a recent interview with Bernama after his appearance on the Ruang Bicara program on Bernama TV.

This optimism reflects the overall growth of the global halal market, which is projected to reach US$5 trillion by 2030. As the demand for halal-certified products extends beyond Muslim-majority nations, MIHAS plays a pivotal role in facilitating the global exchange of halal goods and services.

Malaysia’s Strategic Role in the Halal Market

Malaysia’s leadership in the halal market is grounded in its globally recognized halal certification standards, which provide assurance to both consumers and businesses that products meet strict halal requirements. This reputation makes Malaysia a natural hub for halal trade, and MIHAS serves as a key platform for promoting Malaysia’s strengths in this sector.

The Malaysia Halal Certification is one of the most stringent and trusted in the world, and this credibility gives MIHAS a competitive edge in attracting international buyers. The country’s strategic position in the global halal market is further reinforced by its ongoing efforts to innovate and adapt to emerging trends, including halal fintech, Muslim-friendly tourism, and the integration of sustainable practices.

The International Sourcing Programme (INSP)

A cornerstone of MIHAS is the International Sourcing Programme (INSP), which facilitates direct interactions between local sellers and international buyers. Scheduled for September 18, 2024, this year’s INSP is expected to attract 20 premium buyers from 13 countries, including major markets in the Middle East, Europe, and Asia.

INSP plays a crucial role in generating business for local companies, providing them with opportunities to access new markets. According to Datuk Seri Reezal Merican, “This focused interaction is expected to generate a potential resource value of RM1.7 billion, making it a significant contributor to our overall target.”

INSP’s success is built on its ability to foster business relationships that benefit both local and international stakeholders. For local businesses, the programme opens doors to lucrative export markets, while international buyers gain access to high-quality halal products and services.

Promoting Local Entrepreneurs

MIHAS is not just a platform for international trade; it also serves as a springboard for local entrepreneurs looking to expand globally. By providing them with direct access to international buyers and investors, MIHAS helps strengthen the national economy through exports.

The inclusion of local entrepreneurs is a significant part of MIHAS’s strategy to bolster the growth of Malaysia’s halal industry. Many small and medium enterprises (SMEs) in Malaysia have successfully expanded into international markets thanks to the exposure and opportunities provided by MIHAS. In addition to trade opportunities, the event offers educational resources, including seminars and workshops designed to help local entrepreneurs enhance their business practices and stay competitive in the global market.

Industry Clusters and Thematic Focus

This year’s MIHAS, themed “Globalising Halal Innovation,” will cover 14 industry clusters. These clusters are designed to cater to the varied needs of the halal market, ensuring a comprehensive representation of the industry. The clusters include food and beverage, Islamic finance, pharmaceuticals, cosmetics, Muslim-friendly tourism, e-commerce, and education, among others.

This diverse offering underscores MIHAS’s commitment to staying at the forefront of the halal market, addressing both traditional sectors and emerging industries. One of the highlights of this year’s event will be the increased focus on innovative solutions that address the challenges of a rapidly growing and increasingly complex global halal supply chain.

Educational Seminars and Workshops

MIHAS 2024 is not just about trade; it’s also about knowledge-sharing and capacity-building. The event will feature a series of seminars and workshops, designed to educate participants on the latest trends, innovations, and challenges in the halal industry. Led by global experts and thought leaders, these sessions will cover a range of topics, including consumer behavior, market dynamics, and technological advancements in the halal sector.

The educational aspect of MIHAS adds immense value to participants, providing them with the knowledge and tools they need to succeed in an increasingly competitive market. The sessions are expected to attract a wide range of attendees, from business leaders and policymakers to entrepreneurs and academics.

Unparalleled Networking Opportunities

MIHAS is expected to attract over 40,000 attendees, offering unparalleled networking opportunities for industry leaders, innovators, and policymakers. The diverse mix of participants creates a fertile ground for forming new partnerships and strengthening existing ones.

The event serves as a global meeting point for halal industry stakeholders, facilitating cross-industry collaborations that are crucial for the integrated growth of the halal ecosystem. Whether it’s forming partnerships to expand into new markets or collaborating on research and development, the networking opportunities at MIHAS are unmatched in the halal industry.

Focus on Sustainability and Ethical Practices

In line with global trends, MIHAS 2024 will place a strong emphasis on sustainability and ethical practices within the halal industry. This includes promoting environmentally friendly products, encouraging corporate social responsibility (CSR), and showcasing brands that prioritize ethical sourcing and sustainability.

These initiatives align with a growing consumer preference for products and services that adhere to ethical and sustainable standards. In a world where consumers are increasingly concerned about the environmental and social impact of their purchases, MIHAS is positioning itself as a leader in promoting sustainability within the halal sector.

MIHAS – A Beacon for the Global Halal Industry

As MIHAS continues to grow in scale and influence, it solidifies Malaysia’s role as a leader in the global halal market. The event is more than just a trade show; it’s a platform for innovation, collaboration, and knowledge-sharing that has a profound impact on the halal industry.

By focusing on sustainability, ethical practices, and global market trends, MIHAS 2024 aims not just to meet its ambitious sales targets but to foster a deeper understanding and appreciation of the potential of the halal market. As the global demand for halal products continues to rise, MIHAS is set to play an increasingly important role in shaping the future of the halal industry, making it a must-attend event for anyone involved in the global halal economy.