USD3.5 trillion Expectations of growing Halal Market by 2030
Kuala Lumpur – Prime Minister of Malaysia, YAB Dato’ Seri Anwar Ibrahim Yesterday (Thursday) launched the largest ever Malaysia International Halal Showcase (MIHAS 2023) edition during the opening ceremony of Global Halal Summit (GHaS) 2023, attended by Honourable Dato’ Seri Dr. Ahmad Zahid bin Hamidi, Deputy Prime Minister and Minister of Rural and Regional Development, and His Honourable Dato’ Sri Reezal Merican bin Naina Merican, Chairman of MATRADE, and Datuk Mohd Mustafa bin Abdul Aziz
CEO of MATRADE.
YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of Investment, Trade & Industry, said in his speech that :” Through the Mid-Term Review of the 12th Malaysia Plan (12MP), the Government continues to position Malaysia as the leader in the global Halal industry with an export target valued at RM63.1 billion by 2025, or 8.1 percent of Gross Domestic Product (GDP).
“In 2022, Malaysia’s Halal exports almost touched RM60 billion (RM59.46 billion), which is a remarkable 64% growth compared to 2021. The F&B product category was the largest contributor to Halal exports, with a growth of 58%, followed by Halal ingredients, cosmetics and personal care products, palm oil derivatives, the chemical industry, and pharmaceuticals”, he added.
The Minister of Investment said:”First, the Halal Industry Master Plan 2030 (HIMP2030) which aims to promote the growth of a high-quality, innovative, and competitive Halal industry. Apart from developing local companies’ competitiveness, it also aims to build talent, strengthen standards, accreditation, and certification services, narrow the gap in access to Islamic financial support, and ensure the safety and integrity of Halal through a robust logistics ecosystem. In short, it is driving a more sustainable, balanced, and inclusive socioeconomic development”.
“Next, we also have the New Industrial Master Plan 2030 (NIMP2030), which was recently launched by the Right Honourable Prime Minister on 1 September, and which will be led by MITI. Both HIMP2030 and NIMP2030 are complementary to one another. Through the NIMP2030 missions, MITI will strive to enhance the embracing of technology and ESG/sustainability principles to build economic complexity and the competitiveness of the Halal industry. The transformation of the industry is important, among other things, to enhance productivity and wages of workers. Further, with the increase in product complexity, our exports sector will become more resilient to demand or supply shocks in the global market”. He confirmed.
According to MATRADE Chairman YB Dato’ Sri Reezal Merican Naina Merican, MIHAS has been a driving force in the global Halal industry, generating RM21.66 billion in sales over the last 18 editions and as such it is not surprising that the number of exhibitors continue to grow.
“The success of MIHAS 2023 showcases the immense potential and growth opportunities within the Halal market. We provide businesses an opportunity to capitalise on the rising Halal market which is expected to grow to nearly USD3.5 trillion by 2030. It is also an opportunity for Malaysian companies to connect, network and learn from industry leaders, making it a must-attend event for anyone within the Halal economy,” he said.
He added that for the 19th edition of MIHAS this year, MATRADE was optimistic of achieving its sales target of RM2.5 billion.
Apart from MIHAS 2023, GHaS 2023 will also feature other components, namely the 13th Halal Certification Bodies Convention (HCBC) by the Department of Islamic Development Malaysia (JAKIM); the Halal Sector Forum by the Halal Development Corporation (HDC); and the Seminar on Halal Profession by the Department of Standards, Malaysia (DSM).
According to MATRADE Chief Executive Officer YBhg. Datuk Mohd Mustafa Abdul Aziz, MIHAS 2023 has taken a very inclusive approach by giving greater focus on strategic collaboration with Ministries, Agencies and State Governments, to ensure greater participation of local companies, especially Micro, Small and Medium Enterprises (MSME), in this year’s showcase. This year’s edition has attracted the participation of 34 government agencies including Ministries, Agencies and State Governments.
Apart from the trade fair, MIHAS 2023 features other components including the International Sourcing Programme (INSP) in-conjunction with MIHAS 2023, which brought together close to 500 international buyers to have physical and virtual business meetings with 822 Malaysian exporters. These buyers include 11 premium buyers from eight countries, namely Australia, France, Hong Kong, Indonesia, Qatar, Thailand, Türkiye, and United Kingdom. These premium buyers represent some of the largest conglomerates, retail, international procurement centres (IPCs) and hypermarkets with nationwide outlets, and have a collective revenue of USD28 billion.
Another highlight of MIHAS 2023 is the Knowledge Hub, which will hold “meet the experts” sessions focusing on providing insights on trends, market access and sourcing requirements through direct engagements with premium buyers brought in physically to MIHAS 2023. This underlines the role MIHAS 2023 as a platform to foster knowledge exchange and collaboration. The Knowledge Hub sessions will be moderated by prominent business leaders representing chambers of commerce and trade associations.
