Matrade Expects RM1.9bil in Trade from MIHAS 2022

The upcoming 18th Malaysia International Halal Showcase (MIHAS 2022) is expected to generate RM1.9 billion worth in trade for halal products and services.

“We have received a lot of interest from Europe and surprisingly Latin American countries as well, particularly Mexico and Brazil,” said Malaysia External Trade Development Corporation (Matrade) chief executive officer Mustafa Abdul Aziz.

He said Malaysia’s halal industry is projected to contribute 8.1% to the country’s gross domestic product or RM56 billion by 2025, compared to 6.6% or RM30.5 billion in 2020.

The event is targeting 1,196 booths in total. As of today, 711 booths have been taken up.

He added that small- and medium-sized enterprises can apply for a market development grant through Matrade to help expand the reach of Malaysian products and services globally.

“We are excited to connect established brands and newcomers to explore the potential of the vast global halal market,” said Mustafa.

Last year, the event was conducted entirely on a virtual platform with the country’s halal exports mainly driven by the food and beverage industry, worth RM17.6 billion.

This was followed by halal ingredients (RM13.5 billion), cosmetics and personal care (RM2.4 billion), palm oil derivatives (RM1.78 billion), industrial chemicals (RM700 million), and pharmaceuticals (RM300 million).

This year, the event will add Islamic arts to the existing mix of 12 segments for exhibits, including pharmaceuticals, Islamic finance, modest fashion, media, and recreation to name a few.