16th Sept 2024 Mumbai, Maharashtra, India The Malaysia External Trade Development Corporation (MATRADE), will be hosting some of the largest international buyers in the world during this year’s International Sourcing Programme (INSP), which is its flagship business matching event organised annually in conjunction with the Malaysia International Halal Showcase (MIHAS) 2024 in Kuala Lumpur, Malaysia.
According to YBhg. Datuk Mohd Mustafa Abdul Aziz, MATRADE’s Chief Executive Officer, INSP MIHAS 2024 will feature a line-up of at least 250 international buyers, including 20 premium buyers from approximately 40 countries. “Our global network of 49 trade offices have successfully secured the participation of leading international buyers, underscoring the event’s growing prominence in the global Halal marketplace,” he said.
The 250 international buyers include those from Europe, South Asia, China and Northeast Asia, Central Asia and Americas. In the case of the 20 premium buyers, they represent industry giants such as large hypermarkets and retailers with nationwide outlets from countries such the United State of America (USA), India, United Kingdom, Taiwan, Hong Kong, Kazakhstan and Uzbekistan. These buyers collectively generated a revenue of more than USD 60 billion in 2023.
“The participation of these 250 international buyers is expected to generate a potential sourcing value of more than RM1 billion,” said Datuk Mohd Mustafa. He pointed out that these business deals will have a significant impact on the domestic economy as among others it can support the exporters in terms of creating job opportunities.
The event is expected to host a substantial number of business-matching sessions, fostering new partnerships and expanding market access for Malaysian businesses. “INSP MIHAS 2024 is set to facilitate at least 2,500 business matching sessions,” said Datuk Mohd Mustafa.
Datuk Mohd Mustafa emphasised the strategic importance of INSP MIHAS 2024, “This programme is instrumental in strengthening international trade relations, expanding market access for Malaysian businesses and contributing to the development of sustainable global supply chains. It represents a critical component in our efforts to position Malaysia as a key player in the international Halal ecosystem.”
INSP MIHAS 2024 is organised in a hybrid mode, with the virtual sessions taking place from 15 February to 30 November 2024. The physical sessions will be held soon on 18 September 2024 at the iconic Menara MATRADE in Malaysia, in conjunction with MIHAS 2024 held during 17–20 September 2024 at the Malaysia International Trade Exhibition Centre (MITEC).
This year’s programme will highlight Malaysia’s expertise across 20 diverse sectors. This comprehensive approach underlines Malaysia’s position as a leader in the global Halal industry. The sectors are:
- Agricultural Produce;
- Apparel, Garments and Accessories;
- Beverages;
- Prepared Food;
- Food Ingredients;
- Gloves;
- Palm Oil Products;
- Pharmaceuticals, Toiletries and Cosmetics;
- Machinery and Equipment;
- Gifts, Souvenirs and Jewelries;
- Packaging and Containers;
- Pet Products;
- Fashion Accessories and Textiles;
- Footwear;
- Logistics;
- Islamic Financial Services;
- Franchise;
- Information and Communication Technology;
- Islamic Entertainment; and
- Education.
The 2023 edition of INSP recorded sales of RM1.31 billion from foreign buyers across 44 countries. The hybrid format, combining virtual eBizMatch sessions with a physical event, proved highly effective in connecting Malaysian sellers with international buyers. The virtual INSP organised in 2023 witnessed participation from 344 Malaysian sellers and 270 foreign buyers from 44 countries, while the physical event attracted 469 Malaysian sellers and 231 foreign buyers including 11 premium buyers.
According to Ms. Siti Nur Nafhatun Awang Tuah, Deputy Trade Commissioner of MATRADE Mumbai, MIHAS provides Indian businesses with a platform to explore Malaysia’s halal market, from food and beverages to pharmaceuticals and cosmetics, subsequently boosting bilateral trade in halal-certified products. It is also important to understand that MIHAS offers Indian companies vast opportunities to explore sectors beyond halal products, such as technology, e-commerce, and services – thus broadening the trade portfolio between both countries.
Ms. Siti Nur Nafhatun, who is also the Vice Consul (Trade) in the Consulate General of Malaysia in Mumbai, also reiterated that more and more Indian businesses have begun to diversify into IT-based sectors like technology and e-commerce. Through these sectors, Indian companies would gain access to the broader ASEAN market, leveraging Malaysia’s strategic position and free trade agreements.
Registration for virtual participation for INSP 2024 can still be completed through this link, before 15 November 2024. For any assistance during the registration process, participants are encouraged to contact the INSP MIHAS Secretariat via inspmihas@matrade.gov.my.