Malaysia: Matrade expects to generate at least RM400m from INSP at MIHAS 2017

| 04 April, 2017
 BERNAMA

Tue Apr 4, 2017 | 4:28pm | KUALA LUMPUR

The Malaysia External Trade Development Corporation (Matrade) expects to generate at least RM400 million in sales from the international sourcing programme (INSP), involving 172 foreign buyers at the four-day 14th Malaysia International Halal Showcase 2017 (Mihas) from tomorrow.

This is slightly lower than what was recorded last year at RM478.66 million from more than 300 foreign buyers.

“Our target is lower as we have less foreign buyers coming this time.

’But, we are actually having more quality buyers with a higher potential of closing deals with local export-ready companies,” Senior Director of Market Access and International Partnership, Abu Bakar Koyakutty told reporters here today.

He said while Matrade received more companies last year, they were not active in undertaking transactions with local businesses after the annual Halal conference ended.

“We are confident now of securing our target, upon a careful screening of the prospective buyers by our overseas offices, with the focus on new buyers and new markets,” he added.

Over 418 Malaysian exporters will benefit from this year’s INSP, with each company getting at least 12 meeting sessions with potential foreign buyers.

All 172 foreign buyers are coming from 46 countries and among them, China, Australia, India, Japan, Thailand, Vietnam, South Korea, Saudi Arabia, Singapore and Egypt.

Matrade will in total be coordinating around 2,200 business meetings between the local and foreign companies.

Abu Bakar also said that this year, for the first time, Malaysia will offer its expertise in Islamic financial services to other countries.

Among the industry players involved are CIMB and Maybank.

“This indicates a growing interest in exporting more Halal services and highlights that the segment is more than just food and beverages,” he added.

Themed, “Buyers-Sellers Meet“, the INSP is a cost-effective platform for Malaysian companies to meet potential buyers from around the world in the comfort of their own home country.

It facilitates companies, especially small and medium enterprises, to expand their business globally without having to bear the cost of travel.

The sectors highlighted at the event include Halal consumables (paste, sauces, ready-to-eat meals and confectionery), non-food products (cosmetics, pharmaceuticals and palm oil based products), certified premises( hotels, restaurants, central kitchens and slaughterhouses) and Islamic financial services ( banking services, takaful and retirement and pension fund).

The top five Malaysian states recording the highest participation in this year’s INSP are Selangor at 42.3 per cent, Kuala Lumpur (17.5 per cent), Johor (11 per cent), Penang (6 per cent) and Malacca ( 4.1 per cent).

Mihas 2017 will be launched by Deputy Prime Minister Datuk Seri Zahid Hamidi at the Kuala Lumpur Convention Centre. --BERNAMA

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