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

By Abdul Hamid A Rahman

KUALA LUMPUR, Sept 18 (Bernama) -- The International Sourcing Programme (INSP) organised by the Malaysia External Trade Development Corporation (MATRADE) at the Malaysia International Halal Showcase (MIHAS) 2024 has been a success, with the virtual segment having achieved RM347 million in sales to date. 

MATRADE said that the overall target for INSP is RM1.7 billion in potential sales.

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“This year’s INSP has connected Malaysian exporters with buyers from diverse global markets, including China, Taiwan, Saudi Arabia, South Korea, Mexico, Hong Kong, Poland and other countries.

“Through this innovative platform, international buyers have sourced a wide range of halal-certified products such as agricultural goods, pharmaceuticals, cosmetics, and beverages.

“This underscores the success of MATRADE’s strategy in leveraging both digital and physical platforms to enhance international trade connections and elevate Malaysia’s halal sector,” it said in a statement today.

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The INSP, which operates from Feb 15 to Nov 30, 2024, virtually and with a physical event on Sept 18, 2024 (during the MIHAS 2024 event), has demonstrated its success and effectiveness as a business-matching platform. 

“As part of MIHAS 2024, the INSP programme aims to facilitate over 3,000 business meetings, bringing together more than 330 buyers from 53 countries, including 20 premium buyers representing companies with a combined annual revenue of RM332 billion.

“These buyers, many of whom have established long-term relationships with Malaysian suppliers, play a critical role in driving the growth of Malaysia’s Halal exports,” it said.

MATRADE said that this year’s INSP has brought together buyers from a range of industries, including food and beverages, cosmetics, pharmaceuticals, and logistics, reflecting global trends in the halal economy.

“Food and beverages, which account for 38.3 per cent of the products showcased, continue to dominate the market, while other sectors such as halal-certified cosmetics and pharmaceuticals are gaining momentum, driven by increasing consumer demand for ethically produced and halal-compliant products,” it said.

MIHAS 2024 is organised by MATRADE and the Ministry of Investment, Trade and Industry (MITI). The event is managed by Qube Integrated Malaysia Sdn Bhd.

Foreign and local entrepreneurs benefitting from MIHAS 2024

MATRADE chairman Datuk Seri Reezal Merican Naina Merican said the INSP’s success lies in MATRADE’s ability to cultivate meaningful partnerships between Malaysian suppliers and international buyers. 

“Many of these collaborations have evolved into long-term relationships, cultivated through MATRADE’s 49 network of international offices,” he said.

Among the INSP participants is Uwadiale Agenmonmen, group managing director of Nigeria-based Raedial Holdings Ltd, which focuses on importing crude palm oil and equipment related to the oil palm plantation sector into Nigeria.

He said that Malaysia is known for its expertise in the oil palm sector, and there’s a long history between Nigeria and Malaysia regarding palm oil and how it was brought into Nigeria in the past.

“This experience is vital for us, as we know Malaysian-made products are good quality.

“In terms of trade, we find that MATRADE is extremely supportive and responsive, which gives us a lot of comfort when dealing with foreign sellers,” he told Bernama.

He said this is his first time attending MIHAS, and it has been a remarkable experience for him.

“There is a significant community in Nigeria that consumes halal products. I would estimate that about 40 per cent of Nigeria’s population, which is around 245 million people, consumes a wide range of these products. The demand is definitely there, which is why I’m here. 

“The turnout and engagement have been very productive. I plan to attend every year to build relationships with future sellers and maintain existing ones. It’s a very well-organised event. Malaysia is a warm and welcoming place, and we look forward to participating again next year,” he added.

One of the Malaysian exporters, Azfar Ikhwan, whose company has been operating since 2018 and producing food and beverage products, said that MATRADE’s programmes allowed entrepreneurs like him to benefit from their initiatives, such as trade fairs and grants for international trade.

“The reason for participating in MIHAS this year is that, as we know, MIHAS is the largest international halal showcase in the world.

“We understand the importance of showcasing halal products, especially since I have experience attending international events where halal standards vary. In Malaysia, we are fortunate to have a government that supports business-to-business (B2B) segments, which is crucial for our business growth,” he said.

Furthermore, he said that INSP connects Malaysian small and medium enterprises (SMEs) with international buyers brought in by MATRADE.

“This is a great opportunity for Malaysian companies to expand their products internationally, including ours.

“I believe MATRADE has shown improvement every year. For instance, the layout of booths and presentations at MIHAS has evolved positively. The recent change in scheduling for the INSP event allows buyers to focus more on the booths, which enhances the overall experience,” he added.

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-- BERNAMA