MATRADE Targets RM1 Billion in MIHAS@Dubai Exports

Malaysia’s halal industry is poised for a major boost with the upcoming MIHAS@Dubai, a first-of-its-kind international edition of the Malaysia International Halal Showcase (MIHAS). This strategic move by the Malaysia External Trade Development Corporation (MATRADE) aims to capture a significant share of the rapidly growing halal market in the Middle East and solidify Malaysia’s position as a global leader in the halal sector.

Setting the Stage for Success

Scheduled for November 18-20, 2024, at the Dubai World Trade Centre, MIHAS@Dubai will coincide with the Middle East Organic and Natural Products Expo, creating a unique platform for Malaysian halal businesses to showcase their offerings to a targeted audience. Approximately 250 Malaysian companies representing a diverse range of halal sectors will participate, including:

• Food and Beverage
• Beauty Products
• Agriculture and Environment
• Muslim-Friendly Tourism
• Franchises
• Islamic Finance
• Halal Logistics

Capitalizing on Growth and Strategic Location

The decision to host MIHAS@Dubai reflects a well-timed strategy by MATRADE. The global halal market is projected to reach a staggering $3.2 trillion by 2028, with the Middle East and North Africa (MENA) region experiencing particularly robust growth. Dubai’s strategic location as a global trade hub provides a gateway for Malaysian businesses to access the MENA region, North Africa, and South Asia.

Strengthening Malaysia’s Halal Leadership

Datuk Seri Reezal Merican Naina Merican, Chairman of MATRADE, emphasizes the significance of MIHAS@Dubai: “This event signifies the largest overseas participation by Malaysian companies under MATRADE’s leadership. It positions us to capitalize on the expanding halal market in the Middle East and solidify Malaysia’s standing as a global leader in the halal industry.”

He further highlights the critical role of government initiatives in fostering this leadership, citing advancements in research and infrastructure development as key drivers of growth.

Connecting Buyers and Sellers: International Sourcing Programme

MATRADE will organize an International Sourcing Programme (INSP) at MIHAS@Dubai to maximize opportunities for Malaysian businesses. This program will connect 120 international buyers with participating companies. Notably, these buyers include premium clientele identified by MATRADE offices in Dubai, Doha, and Jeddah, ensuring targeted connections with high-potential partners.

Building on a Legacy of Success

MIHAS has established itself as a cornerstone event for the global halal industry. Since its inception in 2004, the event has served as a vital platform for local and international businesses, contributing significantly to the growth of the halal economy. The most recent MIHAS edition, held in Kuala Lumpur, attracted over 43,000 trade visitors and generated a trade value of RM4.3 billion. MIHAS@Dubai is poised to build upon this success by introducing the Malaysian halal brand to a new and dynamic market.

A Gateway to New Opportunities

MIHAS@Dubai is not just an exhibition; it’s a strategic move by Malaysia to solidify its position as a global halal leader. With its diverse range of participants, targeted buyer connections, and strategic location, MIHAS@Dubai offers Malaysian halal businesses a unique opportunity to tap into a burgeoning market and forge valuable partnerships. This event marks a significant step forward for Malaysia’s halal industry, with the potential to generate billions in export sales and further cement the country’s reputation as a pioneer in the global halal space.

Challenges and Opportunities

While the potential for Malaysian halal exports at MIHAS@Dubai is significant, several challenges and opportunities need to be considered:

Challenges:

• Competition: Malaysia faces competition from other countries, such as Indonesia, Pakistan, and Turkey, which are also vying for a share of the global halal market.
• Regulatory Compliance: Ensuring that Malaysian products comply with the stringent halal standards of different countries can be a complex process.
• Cultural Sensitivity: Understanding the cultural nuances and preferences of consumers in the Middle East is essential for successful market penetration.
• Logistics and Supply Chain: Efficient logistics and supply chain management are crucial for delivering halal products to international markets on time and in good condition.
• Economic Factors: Global economic conditions, such as trade wars and currency fluctuations, can impact the export of halal products.

Opportunities:

• Growing Demand: The global halal market is experiencing rapid growth, driven by the increasing Muslim population, rising disposable incomes, and changing consumer preferences.
• Brand Recognition: MIHAS@Dubai offers a platform for Malaysian halal brands to gain international recognition and build brand equity.
• Partnerships: Collaborating with local partners in the Middle East can help Malaysian businesses overcome market barriers and expand their reach.
• Innovation: Developing innovative halal products and services can differentiate Malaysian offerings from competitors.
• Government Support: The Malaysian government has shown strong support for the halal industry, providing financial incentives, regulatory frameworks, and promotional activities.

Government Support and Initiatives

The Malaysian government has played a crucial role in supporting the development of the country’s halal industry. Initiatives such as the Halal Development Corporation (HDC) and the Halal Industry Development Plan have provided guidance, resources, and incentives to businesses in the sector.

Key government initiatives include:

• Certification and Accreditation: The government has established a comprehensive system for halal certification and accreditation, ensuring that Malaysian products meet international standards.
• Research and Development: The government has invested in research and development to support the innovation of halal products and technologies.
• Infrastructure Development: The government has focused on improving infrastructure, such as logistics and transportation, to facilitate the export of halal products.
• Marketing and Promotion: The government has implemented marketing and promotion campaigns to raise awareness of Malaysian halal products in international markets.
• Education and Training: The government has supported the development of educational programs and training initiatives to equip industry professionals with the necessary skills and knowledge.

Success Stories and Future Outlook

Malaysia has already achieved notable success in the global halal market. Several Malaysian companies have established a strong presence in the Middle East and other regions. The success of MIHAS@Dubai can further propel Malaysia’s halal industry to new heights.

Potential areas for growth include:

• Halal Tourism: Malaysia can leverage its rich cultural heritage and natural beauty to attract halal tourists from around the world.
• Halal Fashion: The Malaysian fashion industry can capitalize on the growing demand for modest and halal-compliant clothing.
• Halal Pharmaceuticals and Cosmetics: Malaysia has the potential to become a major player in the global halal pharmaceuticals and cosmetics market.
• Halal Technology: The country can explore opportunities in halal-related technologies, such as halal food safety and traceability.

MIHAS@Dubai represents a significant opportunity for Malaysia’s halal industry to expand its global reach and capitalize on the growing demand for halal products and services. By addressing the challenges and leveraging the opportunities, Malaysia can strengthen its position as a leading player in the international halal market. The success of MIHAS@Dubai will not only benefit Malaysian businesses but also contribute to the country’s economic growth and development.