UALA LUMPUR, Sept 11 — The Malaysia External Trade Development Corporation (Matrade) is optimistic about achieving sales of RM2.5 billion for this year’s edition of the Malaysia International Halal Showcase (Mihas).

Matrade chief executive officer Datuk Mohd Mustafa Abdul Aziz said the sales target is achievable after delivering a strong sales performance last year.

"For last year’s edition of Mihas, our sales projection was RM1.9 billion but we exceeded the target, hitting RM2.39 billion in total sales, so we are optimistic about the new target this year,” he said during Matrade’s International Sourcing Programme (INSP) press conference, in conjunction with the September 12 to September 15, 2023, Mihas 2023, here today.

Meanwhile, the INSP, which is Matrade’s flagship programme, the agency is targeting to generate deals worth RM800 million for Malaysian exporters this year from RM745.20 million last year.

The INSP is a significant part of Mihas 2023, the world’s largest showcase dedicated to the halal industry, hosted by the Ministry of Investment, Trade and Industry and organised by Matrade.

It is a demand-driven programme in which Matrade identifies and matches international buyers with Malaysian exporters through its global offices.

Mohd Mustafa said this year’s INSP will host close to 500 international buyers from 44 countries.

"These buyers who were identified and selected via Matrade’s 49 international offices worldwide, include the 255 physical buyers who are here with us today which come from various parts of the world such as from Europe, Americas, Asean, Oceania, and Africa.

"The participating international buyers at INSP Mihas this year are keen to source products from the halal sectors such as food and beverage, e-commerce, education, retail and franchise as well as modest fashion and lifestyle,” he said.

INSP Mihas comprises pre-arranged one-to-one business meetings, both physical and virtual, which connect international buyers with Malaysian suppliers of halal products and services.

The physical INSP, which offers an in-person networking opportunity, takes place at Menara Matrade here today, while the virtual INSP is being held online from March 20 until Nov 30, 2023.

Mohd Mustafa said Matrade anticipates that more than 2,800 business meetings will be arranged between the international buyers and over 510 Malaysian exporters today.

He also said that this year, Malaysian companies have a unique opportunity to engage with 11 premium buyers hailing from diverse regions, including Indonesia, Thailand, Hong Kong, Qatar, Turkiye, the United Kingdom, France, and Australia.

"They are expected to source halal products and services worth more than half a billion ringgit from the Malaysian exporters at today’s business matching programme as well as during Mihas 2023,” he said.

Mohd Mustafa added that the premium buyers represent some of the largest conglomerates, retail, international procurement centres (IPCs) and hypermarkets with nationwide outlets in the world.

Cumulatively, the annual revenue of these 11 premium buyers amounts to US$28.35 billion (US$1=RM4.67) and they are interested in food and beverages (58 per cent), pharmaceuticals, cosmetics, and toiletries (15 per cent) and food packaging and machinery (8.0 per cent).

He encourages the Malaysian exporters of halal products and services, especially small and medium enterprises as well as mid-tier companies, to maximise the opportunity to increase their exports by partnering with these buyers and exploring cross-segment collaborations.

"They are also encouraged to leverage bilateral and multilateral trade agreements that Malaysia is already party to such as the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to supply goods to these buyers at lower or zero import duties,” Mohd Mustafa added. — Bernama