Saudi Arabia Achieves Third Position at MIHAS 2024, the World’s Leading Halal Trade Fair

Politics John Brightwater September 22, 2024

Saudi Arabia Achieves Third Position at MIHAS 2024, the World’s Leading Halal Trade Fair

Summary
Saudi Arabia secured the third position at MIHAS 2024, the largest halal trade fair, held in Malaysia from September 17 to 20. The event showcased the Kingdom’s commitment to the halal industry, featuring 38 booths. Malaysia announced nearly 55 billion Malaysian ringgit in halal exports for 2023, emphasizing the growing demand for halal products. MIHAS aims to expand internationally with MIHAS@Dubai, while ongoing collaborations indicate strong trade relations between Malaysia and Saudi Arabia.

Saudi Arabia achieved the third position among the top five countries participating in MIHAS 2024, the world’s foremost halal trade fair held in Kuala Lumpur, which convened from September 17 to 20. This event, organized by the Malaysia External Trade Development Corporation and supported by Malaysia’s Ministry of Investment, Trade, and Industry, showcased the Kingdom’s dedication to the halal industry through 38 booths, amidst a total participation from 66 nations. The top countries at the fair included China, Indonesia, Saudi Arabia, South Korea, and Thailand, illustrating the global significance of MIHAS. Reezal Merican Naina Merican, chairman of MATRADE, stated, “MIHAS 2024 saw the participation of 38 booths and two buyers from Saudi Arabia.” He stressed the growing trade relations and mutual commitment between Malaysia and Saudi Arabia to enhance the halal sector, which remains the central focus of MIHAS. During the opening ceremony, Malaysia’s Minister of Investment, Trade, and Industry, Utama Zafrul Abdul Aziz, announced that the nation’s halal exports reached approximately 55 billion Malaysian ringgit (around $13 billion) in 2023, surpassing the 50 billion ringgit mark for the second consecutive year. The food and beverage sector received the largest share, valued at 29.37 billion ringgits, marking a 5 percent rise from the previous year. Halal ingredients, cosmetics, palm oil derivatives, and pharmaceuticals were also notable contributors to this growth. Minister Abdul Aziz further highlighted that MIHAS had generated almost 25 billion ringgits in sales and attracted 500,000 trade visitors, enhancing Malaysia’s global profile. With global demand for halal products and services projected to hit $5 trillion by 2030, the Malaysian government is actively fostering the halal industry. Following its success, MIHAS is set to expand internationally, launching MIHAS@Dubai. Mr. Abdul Aziz expressed enthusiasm regarding this new phase, referencing Dubai’s strategic position as a key port city for the Middle East and North Africa, capable of facilitating the import and distribution of Malaysian goods. He established a sales target of 1 billion ringgits for MIHAS Dubai, expressing confidence in the capabilities of participating Malaysian companies. A notable milestone was MIHAS achieving a Guinness World Record for the Largest Attendance at a Halal Trade Show in 2023, with 38,566 visitors. Mr. Merican stated, “MIHAS 2024 aims even higher as this exciting growth further cements MIHAS as the premier global halal showcase.” On the second day, MATRADE organized the largest International Sourcing Programme at MIHAS, accommodating at least 250 international buyers, one of whom was Ghaydaa Medical from Saudi Arabia. General Manager Sameh Abdelhamed emphasized the necessity of halal certification for ensuring product quality and expressed the company’s objectives to broaden its offerings in the Gulf region, especially in Saudi Arabia. Saudi Arabia has significantly invested in Malaysia, with 19 approved projects totaling $1.65 billion, anticipated to create 2,570 jobs mainly in the pharmaceutical, electronics, and food processing sectors. Several established Saudi companies, including Saudi Aramco and Al Rajhi Group, are already operational in Malaysia. As of 2023, trade between Malaysia and Saudi Arabia reached an impressive $11.06 billion; however, data for the first half of 2024 indicates a 22.4 percent drop in imports from Saudi Arabia compared to the previous year. Despite this fluctuation, the Saudi market remains crucial for the diversification and growth of Malaysia’s food sector, as it is valued at $45 billion. In conclusion, Saudi Arabia’s performance at MIHAS 2024 reflects its crucial position in the global halal market, while the ongoing collaboration between Malaysia and Saudi Arabia promises to strengthen further trade relations and enhance the halal sector internationally.

The halal trade fair MIHAS 2024 is the largest of its kind globally, reflecting the increasing interest and demand for halal products and services worldwide. Halal, meaning permissible in Arabic, encompasses not only dietary laws but also extends to various sectors such as cosmetics, pharmaceuticals, and services that comply with Islamic teachings. Malaysia has positioned itself as a global halal hub, leading in halal exports and actively promoting its halal industry on the international stage. Saudi Arabia, as a significant Islamic nation, plays a vital role in the global halal market, enhancing collaborative efforts through trade exhibitions and investments.

In summary, Saudi Arabia’s third-place standing at MIHAS 2024 underscores its influential presence in the global halal market, showcasing its commitment to expanding the halal industry in collaboration with Malaysia. The impressive statistics on halal trade demonstrate the sector’s growth potential, driven by the rising global demand for halal products. The strategic partnership between Malaysia and Saudi Arabia continues to evolve, promising mutual benefits as both nations work to solidify their positions in the halal landscape.

Original Source: www.arabnews.com