Malaysia: Matrade targets 5pc increase in sales at Mihas 2020

SOURCE : Halal Focus

KUALA LUMPUR, Nov 20 — The Malaysia External Trade Development Corporation (Matrade) is targeting a five per cent increase in sales at the Malaysia International Halal Showcase (Mihas) 2020 from RM1.6 billion in 2019.

Its chief executive officer, Datuk Wan Latiff Wan Musa said the trade agency is optimistic of meeting the sales target at the world’s largest halal trade fair as it expects a bigger number of exhibitors and buyers during the International Sourcing Programme (INSP) despite flagging global economy next year.

“We know that the situation at the moment is not conducive and perhaps this will continue till next year due to global economic slowdown. But the fact that we are bringing in exhibitors and buyers, we expect the sales to increase,” he told reporters at the soft launch of Mihas 2020 here today.

The number of exhibitors at Mihas 2020 is expected to increase to 1,300 from 928 at Mihas 2019, while the number of buyers is set to double to 400.

Wan Latiff said 60 per cent of the exhibitors are from Malaysia.

“We are investing a lot to make Mihas a world class halal trade show. We are investing to create value to the exhibitors and visitors,” he said.

Matrade will also introduced two new clusters at Mihas 2020, namely food technology and franchise, on top of existing focus sectors, including food and beverage, pharmaceuticals and Islamic finance.

Mihas 2019 saw the introduction of the Modest Fashion Cluster which highlighted 48 companies and associations.

Wan Latiff said Mihas 2020 would further strengthen Malaysia’s position as a global halal hub and put forward the economic values of halal to the world.

“The prospects for halal-based businesses continue to be strong. Based on DinarStandard’s ‘State of the Global Islamic Economy Report 2019/20’, the global Islamic economy in 2018 was worth US$4.74 trillion (RM19.7 trillion) and is expected to grow to US$6.66 trillion in 2024,” he added.

Earlier in his speech, Wan Latiff said Mihas is also a platform for Malaysian companies to champion Industry 4.0 by gathering like-minded players in support of technological advancement and innovation in the halal industry.

Themed “Expand Your Halal Horizon”, Mihas 2020, which is scheduled for April 1-4, 2020, is expected to attract over 35,000 visitors from 90 countries.

The congregation is set to be Mihas’ largest since its inception in 2004. — Bernama

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