KUALA LUMPUR – The Knowledge Hub (KH) session at the Malaysia International Halal Showcase (MIHAS) 2024 has positioned itself as an essential platform for small and medium enterprises (SMEs) aiming to expand their global footprint. Hosted by the Malaysia External Trade Development Corporation (MATRADE), the MIHAS 2024 session focuses on equipping SMEs with the necessary tools, strategies, and insights to navigate the complex world of export growth, especially within the burgeoning halal industry.
With Malaysia being a key player in the global halal market, the emphasis on export strategies has never been more relevant. Many SMEs in Malaysia, traditionally focused on the domestic market, are now seeking opportunities abroad, particularly as the global halal economy continues to expand. MIHAS 2024 is a unique opportunity for these businesses to gain the knowledge and resources needed to enter new markets with confidence.
Why MIHAS 2024 Matters for SMEs
The importance of the MIHAS 2024 session cannot be overstated. As globalization continues to transform the business landscape, SMEs must adapt to new challenges and opportunities to remain competitive. Many SMEs operate with limited resources and often focus on local markets, but the MIHAS 2024 session helps bridge that gap by offering access to expert advice, insights into market trends, and strategies for scaling globally.
MATRADE Chief Executive Officer Datuk Mohd Mustafa Abdul Aziz highlighted the significance of the Knowledge Hub in his keynote address, stating that the MIHAS 2024 session provides invaluable information on market entry strategies, sourcing requirements, opportunities, challenges, and the latest trends shaping the global halal market. This year’s session focused on driving trade with traditional markets like the United States, Hong Kong, Taiwan, India, and Indonesia, while also exploring opportunities in emerging markets such as Ireland, Turkey, New Zealand, and Kazakhstan.
With the global halal economy projected to grow to $5.7 trillion by 2030, MIHAS 2024 is a timely event for SMEs looking to tap into this lucrative market. The halal sector encompasses not just food and beverages, but also pharmaceuticals, cosmetics, tourism, and financial services. This diversity presents significant opportunities for SMEs to diversify their product offerings and enter new sectors.
The Role of Halal in Global Trade
Halal products and services have become a driving force in global trade, with demand coming from both Muslim-majority and non-Muslim-majority countries. The halal industry’s appeal lies in its emphasis on ethical, healthy, and high-quality products, which resonate with consumers worldwide. In particular, the rise of the health-conscious consumer has bolstered demand for halal products, as they are often perceived as being cleaner, safer, and more environmentally friendly.
For Malaysian SMEs, the halal industry represents a pathway to growth and international success. However, penetrating global markets requires more than just a halal certification; it requires a deep understanding of market dynamics, consumer preferences, and regulatory requirements. This is where the MIHAS 2024 session plays a critical role, offering SMEs the knowledge and resources to navigate these complexities.
Insights from the Knowledge Hub Panel Discussions
Held on September 19, 2024, the MIHAS 2024 session featured four “meet the experts” panels moderated by leaders from industry chambers and trade associations. The panels included distinguished experts, premium buyers from key global markets, and Malaysian exporters who have successfully established a presence in international markets. These interactive and dynamic discussions provided participants with practical advice on sourcing requirements, opportunities, challenges, and the latest trends reshaping the global halal market.
One of the key panelists, Chua Hock Tee, CEO of Omni Mal Agencies Sdn Bhd, shared his company’s experience in penetrating the Taiwanese market with its date products. Chua’s story highlighted the importance of market education and consumer awareness when entering a new market.
“Taiwanese consumers were not familiar with dates, so we had to invest heavily in building market awareness,” Chua explained. “We participated in key exhibitions, collaborated with local influencers, and emphasized the health benefits of our low-glycemic date syrup.”
Chua also discussed how his company leveraged Taiwan’s duty-free market to mitigate tax issues, which allowed them to scale their operations more effectively. His experience serves as a valuable lesson for SMEs: entering a new market often requires more than just product quality; it demands a strategic approach to consumer education, relationship-building, and navigating local regulations.
Understanding Consumer Behavior in Hong Kong
Another panelist, Pinky Lee, Sourcing Manager at CEC International Holdings, a Hong Kong-based company operating the retail chain 759 Store, offered insights into consumer behavior in Hong Kong. Her presentation focused on the health-conscious nature of Hong Kong’s consumers and the importance of offering products that cater to this demographic.
“In Hong Kong, there’s a strong preference for products that are free from MSG, added sugars, and hormones in proteins,” Lee noted. “Consumers here value convenience, and ready-to-eat meals or easily consumable products are particularly popular.”
Lee’s advice to Malaysian SMEs looking to enter the Hong Kong market was straightforward: start with your best-selling, original flavors to test the market before expanding your product range. “Once you see consistent demand, you can invest in new flavors and updated packaging to keep up with the competition,” she added.
Lee also stressed the importance of online marketing in today’s globalized world. “Investing in a strong online presence is crucial for visibility, especially in a market like Hong Kong, where consumers are highly influenced by digital platforms.”
Leveraging MIHAS 2024 for Export Success
For SMEs aiming to scale their businesses, the MIHAS 2024 session offers an unparalleled opportunity to connect with international buyers, gain market insights, and learn from industry experts. The event, organized by MATRADE and the Ministry of Investment, Trade, and Industry (MITI), is designed to provide SMEs with the tools, insights, and strategies they need to succeed in the global halal market.
The halal industry is not limited to just food and beverages; it also extends to sectors such as pharmaceuticals, cosmetics, tourism, and even financial services. This broad scope offers numerous opportunities for SMEs to diversify and grow. However, with these opportunities come challenges, particularly when it comes to navigating different regulatory environments and consumer preferences.
Events like MIHAS provide SMEs with a platform to address these challenges head-on. By attending sessions like the Knowledge Hub, SMEs can gain a deeper understanding of the global halal market and develop the strategies needed to succeed in it.
The Future of SMEs in the Global Halal Economy
The global halal economy is growing at an unprecedented rate, and SMEs are poised to play a significant role in its expansion. However, to capitalize on this growth, SMEs must be willing to invest in market research, build relationships with local stakeholders, and adapt their products to meet the needs of diverse consumer bases. The MIHAS 2024 session is a step in the right direction for SMEs looking to make their mark on the global stage.
As the halal market continues to expand, especially in non-Muslim-majority countries, Malaysian SMEs are in a prime position to seize these opportunities. With the right strategies, market insights, and connections, SMEs can build sustainable export businesses that contribute not only to their growth but also to the overall expansion of Malaysia’s halal economy.
In conclusion, the MIHAS 2024 session underscores the importance of global market expansion for SMEs. By focusing on the latest trends, leveraging expert advice, and embracing innovation, SMEs can build strong, sustainable export strategies that drive long-term growth. The Knowledge Hub sessions at MIHAS 2024 have proven to be invaluable in providing the insights and guidance needed to help SMEs succeed in both traditional and emerging markets.
With the global halal economy set to reach new heights, Malaysian SMEs must continue to innovate and adapt to stay competitive. Events like MIHAS offer a critical platform for these businesses to connect, learn, and grow, ensuring their success in the global marketplace.
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