MATRADE announced that the virtual segment of the International Sourcing Programme (INSP) at the Malaysia International Halal Showcase (MIHAS) 2024 has achieved RM347 million in sales to date.
According to its Chairman Dato’ Seri Reezal Merican Naina Merican 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.
This year’s INSP has connected Malaysian exporters with buyers from diverse global markets, including Taiwan, Saudi Arabia, South Korea, Mexico, Hong Kong and Poland. 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.
The INSP, which operates from 15 February to 30 November 2024 virtually and with a physical event on 18 September 2024, has demonstrated its success and effectiveness as a business-matching platform. By connecting Malaysian exporters with global buyers through its comprehensive virtual setup, the platform ensures continued international engagement even from afar. This effectiveness is highlighted by an agreement that was concluded between Hernan Corporation Sdn Bhd and their Chinese business partner earlier today at MIHAS 2024, which was made possible through a business matching arranged under the virtual INSP program.
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.
This year’s INSP 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% 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.
The success of the INSP is evident not only in the volume of business it generates but also in the quality of the partnerships it helps establish. Many of the collaborations that begin through the INSP evolve into long-term relationships, contributing to the sustainable growth of Malaysia’s Halal sector and its expanding global footprint.
