Linking partnerships: Mohd Mustafa speaking at the press conference in conjunction with Mihas 2023 in Kuala Lumpur. With him is deputy chief executive officer Sharimahton Mat Salleh. — RAJA FAISAL HISHAN/The Star
RM2.1bil in sales anticipated as global buyers and local suppliers gather
PETALING JAYA: The 19th Malaysia International Halal Showcase (Mihas) 2023 is expected to generate over RM2.1bil in sales as hundreds of foreign buyers and Malaysian halal product suppliers converge.
Hosted by the Investment, Trade, and Industry Ministry and organised by the Malaysia External Trade Development Corp (Matrade), Mihas 2023’s flagship International Sourcing Programme (INSP) is projected to be the biggest ever by giving 822 local businesses the opportunity to connect with 495 buyers from 44 countries.
This is expected to result in over 2,800 business meetings between 255 international buyers and over 510 Malaysian exporters at the one-day physical INSP yesterday, said organisers.
The INSP comprises hundreds of pre-arranged one-to-one business meetings, both physical and virtual, that connect international buyers with local suppliers of halal products and services.
Matrade chief executive officer Datuk Mohd Mustafa Abdul Aziz said the physical INSP alone was expected to generate over RM800mil in sales.
“Buyers from the Middle East, Europe, Central Asia, South Asia, South-East Asia, Oceania, the Americas and Africa will be present at INSP to provide local businesses with the opportunity to broaden their global presence.
“With this, we are hoping to surpass our target RM2.1bil sales this year by achieving around RM2.5bil in sales, with a third of it coming from the physical INSP,” he told a press conference yesterday.
The physical INSP also showcased 11 premium buyers from Hong Kong, Thailand, Indonesia, France, Qatar, the United Kingdom, Turkiye and Australia, who, Mustafa said, would contribute to the Malaysian halal export market.
“They represent some of the largest conglomerates, retail, international procurement centres, and hypermarkets globally, with outlets present around the world with a combined annual revenue of RM132.54bil and a workforce comprising around half a million people.
“Cumulatively, these 11 premium buyers are expected to source halal products and services worth more than half a billion ringgit from the Malaysian exporters over the coming years after the INSP (yesterday),” he said.
He added that INSP would serve as a gateway for homegrown small and medium enterprises (SMEs) to venture into international halal markets, which are expected to continue growing over the coming years.
“Muslim spending on halal products globally was estimated to have exceeded RM10.29tril in 2022 and to grow to RM16.36tril by 2030.
“Malaysia’s halal exports too have recorded strong growth, growing by RM23.16bil or 63.6%, to reach RM59.46bil in 2022.
“As such, programmes like INSP are key to cultivating and grooming local SMEs and micro-businesses to become,” Mustafa said.
The physical INSP was held at Menara Matrade in Kuala Lumpur yesterday, while the virtual INSP, which began earlier this year on March 20, will continue to be held online until Nov 30.
Mihas 2023 itself will run from Sept 12-15 and will feature 1,890 booths from local and international businesses at the Malaysia International Trade and Exhibition Centre (Mitec).
