KUALA LUMPUR, Sept 13 — The Malaysia External Trade Development Corporation (Matrade) is optimistic about generating deals worth RM1 billion from its flagship International Sourcing Programme (INSP), exceeding the initial target of RM800 million.

Matrade chief executive officer Datuk Mohd Mustafa Abdul Aziz said the INSP generated RM745.20 million for Malaysian exporters last year.

"I believe we will able to achieve more than RM1 billion this year as we are able to bring in more Malaysian exporters to meet international buyers and offer products and services.

"Through the various virtual meetings that we conduct, from March to November, and physical meetings held on Sept 11, we will definitely be able to achieve all our targets this year,” he said in his welcoming remarks at the 19th Malaysia International Halal Showcase (Mihas) 2023 "Knowledge Hub” sessions, here today.

The 2023 INSP will host about 500 international buyers from 44 countries who were identified and selected via Matrade’s 49 international offices worldwide, including 255 physical buyers from Europe, the Americas, Asean, Oceania, and Africa.

Meanwhile, Mohd Mustapa said the esteemed Mihas 2023 Knowledge Hub moderators and panel speakers comprise local corporate leaders, Malaysian exporters, as well as premium buyers from key markets such as Hong Kong, Indonesia, Thailand, Australia, the United Kingdom, France and Turkiye.

He said Knowledge Hub is a dynamic platform that aims to provide a comprehensive perspective on the challenges and opportunities within the global halal industry.

Knowledge Hub, held in conjunction with Mihas 2023, is an important programme that aims to provide a comprehensive perspective on the challenges and opportunities within the global halal industry.

Mohd Mustapa said that sourcing opportunities, as well as premium buyers’ requirements for Malaysian companies to join key markets’ supply chains, were topics discussed during the Knowledge Hub "Meet the Experts” sessions.

"The sessions also featured stories and insights by Malaysian exporters who have made inroads into the international market,” he said.

Mohd Mustapa said the context setting for the Knowledge Hub sessions also revolves around the recently launched Madani Economy framework and the New Industrial Master Plan (NIMP) 2030, which are aimed to raise the country’s dignity and standing, outline initiatives to boost economic growth, enhance economic complexities and build local industries so that they can become more inventive, competitive and capable of expanding into the global market.

"The NIMP 2030, for instance, includes specific action plans to strengthen SMEs’ capabilities and place them higher in global value chains.

"They will then be able to scale up into mid-tier companies,” he said.

The Knowledge Hub also fosters knowledge exchange related to the market trends and requirements in the area of digitalisation, sustainability, and environmental, social, and corporate governance, in line with recommendations by the National Trade Blueprint.

"Knowledge sharing in these areas by the premium buyers, as well as Malaysian exporters, could become a reference that will benefit the business community and enable them to remain competitive and be ahead of competitors in seizing the lucrative opportunities in the halal export market,” Mohd Mustapa added. — Bernama