MATRADE’s Virtual Sourcing Programme At MIHAS 2024 Achieves RM347 Mln In Sales

KUALA LUMPUR – The Malaysia International Halal Showcase (MIHAS) 2024 sales have solidified its reputation as a pivotal global event, with its International Sourcing Programme (INSP) demonstrating immense success. Organized by the Malaysia External Trade Development Corporation (MATRADE), the virtual segment of MIHAS 2024 has already recorded a remarkable RM347 million in sales, contributing significantly to the overall target of RM1.7 billion in potential sales.

As MIHAS grows year after year, it is increasingly seen as a cornerstone event for businesses seeking to engage with the global halal economy. MATRADE’s use of both virtual and physical platforms has proven to be highly effective in connecting Malaysian exporters with buyers from across the globe. This success underscores Malaysia’s leadership in the halal sector in terms of product quality and innovation.

MIHAS 2024 Sales: A Diverse Range of Markets

This year’s INSP has been particularly noteworthy for the diversity of its participating buyers. Companies from countries as far-reaching as China, Taiwan, Saudi Arabia, South Korea, Mexico, Hong Kong, and Poland have sought halal-certified products from Malaysian exporters. The wide range of halal products on offer, including agricultural goods, pharmaceuticals, cosmetics, and beverages, demonstrates the broad appeal of Malaysia’s halal-certified offerings.

MATRADE has been intentional in expanding the global reach of Malaysian halal products, reflecting global trends that show increasing demand for ethically produced, halal-compliant goods. The rise of conscious consumerism, particularly in the food and beverage sectors, has helped propel the demand for halal products beyond traditionally Muslim-majority markets. Non-Muslim consumers are also contributing to this trend, as they become more concerned with food safety, animal welfare, and sustainable production practices.

INSP: A Hub for International Trade

The success of MIHAS 2024 can be attributed to the strength of its International Sourcing Programme (INSP), which operates from February 15 to November 30, 2024, and features a physical event during the MIHAS exhibition on September 18. By facilitating over 3,000 business meetings, INSP serves as a hub for connecting buyers and sellers from around the world. This year alone, more than 330 buyers from 53 countries have participated, including 20 premium buyers representing companies with a combined annual revenue of RM332 billion.

The INSP initiative has been particularly effective in fostering long-term business relationships. Many international buyers who initially connected with Malaysian suppliers through MIHAS have gone on to develop lasting partnerships. The repeat presence of buyers at MIHAS underscores the event’s importance as a trusted platform for halal trade.

MATRADE’s global network of 49 international offices plays a crucial role in facilitating these connections. By bridging geographical gaps and providing on-the-ground support, these offices help ensure that business relationships formed at MIHAS can thrive long after the event has concluded.

Key Sectors Leading the Way

While food and beverage products continue to dominate the MIHAS exhibition—accounting for 38.3% of the products showcased—other sectors are also gaining momentum. Halal-certified cosmetics and pharmaceuticals, in particular, are seeing a surge in demand, driven by consumers’ growing preference for ethically produced products that adhere to halal standards. This trend reflects a broader shift towards conscious consumerism, where buyers are not only concerned with the end product but also with the ethical and religious practices involved in its production.

Global demand for halal pharmaceuticals is also on the rise, particularly in Muslim-majority markets such as the Middle East and Southeast Asia. Consumers in these regions are increasingly seeking halal alternatives to conventional pharmaceuticals, which may contain ingredients such as gelatin derived from non-halal sources. By ensuring that their products are halal-certified, Malaysian companies are positioning themselves to capture a larger share of this growing market.

The logistics sector has also emerged as a key player in the halal economy. With the rise of e-commerce and global trade, ensuring the halal integrity of products throughout the supply chain has become more important than ever. As a result, halal-certified logistics providers are seeing increased demand for their services, both from within Malaysia and from international markets.

MIHAS 2024: Building Long-Term Partnerships

One of the standout aspects of MIHAS 2024 is its ability to cultivate long-term relationships between Malaysian suppliers and international buyers. Datuk Seri Reezal Merican Naina Merican, the chairman of MATRADE, emphasized that this is one of the program’s key strengths. “Many collaborations that started through MIHAS have grown into long-lasting partnerships, cultivated through our network of international offices,” he said.

Among the participants at this year’s INSP was Uwadiale Agenmonmen, Group Managing Director of Nigeria-based Raedial Holdings Ltd, which imports crude palm oil and equipment related to the oil palm sector. Agenmonmen highlighted Malaysia’s expertise in palm oil production, a sector with which Nigeria shares a long history. “The quality of Malaysian-made products, combined with MATRADE’s supportive and responsive approach, makes it easy for us to do business here. There’s a significant market for halal products in Nigeria, with around 40% of the population—245 million people—consuming these products. We’re here to tap into that demand,” he said.

For Agenmonmen, MIHAS 2024 was a standout experience, and he plans to return to the event in the future. “The event has been incredibly well-organized, and the turnout has been impressive. Malaysia is a warm and welcoming place to do business, and we look forward to participating again next year,” he added.

Success Stories from Malaysian Exporters

On the Malaysian side, the benefits of MIHAS 2024 have been equally significant. Azfar Ikhwan, whose company has been producing food and beverages since 2018, praised MATRADE’s efforts in supporting small and medium enterprises (SMEs) through initiatives such as the INSP program. “MIHAS is the largest international halal showcase in the world, and for a company like ours, it’s essential to be here. MATRADE’s support, whether through trade fairs or grants, has allowed us to expand our reach into international markets,” Ikhwan said.

For Azfar, one of the key advantages of participating in MIHAS is the opportunity to showcase his company’s halal-certified products to a global audience. “Halal standards can vary from country to country, but in Malaysia, we’re fortunate to have a government that actively supports the business-to-business (B2B) segment. This makes it easier for companies like ours to grow,” he explained.

Ikhwan also noted the improvements made to MIHAS in recent years. “The layout of the booths and the scheduling of the INSP event have both improved, allowing buyers to focus more on the booths and enhancing the overall experience,” he said.

The Future of Halal Trade

As MIHAS 2024 continues to break records and exceed expectations, it is clear that Malaysia is well-positioned to remain at the forefront of the global halal economy. The RM347 million in sales achieved so far is just a glimpse of what’s to come, with MATRADE aiming to reach RM1.7 billion in total sales by the end of the program.

Looking ahead, the future of halal trade appears bright. As global demand for halal-certified products continues to grow, Malaysia’s reputation as a leader in the halal industry will only strengthen. By leveraging both digital and physical platforms, MATRADE is ensuring that Malaysian businesses can meet the evolving needs of consumers worldwide.

The MIHAS 2024 sales figures underscore the event’s significant impact on the global halal economy. Through innovative initiatives like the International Sourcing Programme, MATRADE is connecting Malaysian exporters with buyers from around the world, fostering long-term partnerships that will continue to drive growth in the halal sector. As Malaysia continues to lead the way in halal trade, MIHAS is set to remain a key event for businesses looking to tap into the ever-expanding global halal market.

With a robust blend of high-quality products, international collaboration, and a commitment to ethical and halal-certified production, MIHAS 2024 stands as a beacon of success in the global trade landscape. As the halal economy continues to evolve, events like MIHAS will play an increasingly important role in shaping the future of international trade.