Summary
Saudi Arabia ranked third at MIHAS 2024, the largest halal trade fair, showcasing 38 booths. The event in Kuala Lumpur presented Saudi Arabia’s commitment to the halal industry amidst a global market projected to reach $5 trillion by 2030. Malaysia’s halal exports hit approximately $13 billion in 2023, underlining the industry’s growth. MIHAS is expanding to Dubai to further capitalize on market opportunities in the Middle East.

Saudi Arabia has secured the third position among the top five participating countries at MIHAS 2024, the premier global halal trade fair held in Kuala Lumpur from September 17 to 20. This participation emphasizes Saudi Arabia’s pivotal role in the global halal market as it displayed its extensive commitment to the industry through 38 booths. The event, organized by the Malaysia External Trade Development Corporation and hosted by the Malaysian Ministry of Investment, Trade, and Industry, attracted a wide range of participants from 66 countries, with leading nations including China, Indonesia, Saudi Arabia, South Korea, and Thailand. Reezal Merican Naina Merican, chairman of MATRADE, highlighted, “MIHAS 2024 saw the participation of 38 booths and two buyers from Saudi Arabia.” He expressed optimism regarding the strengthening trade relations between Malaysia and Saudi Arabia, fueled by both nations’ commitment to expanding the halal sector, which is central to the MIHAS initiative. During the event, Malaysia’s Minister of Investment, Trade, and Industry, Utama Zafrul Abdul Aziz, announced that Malaysia’s halal export value reached nearly 55 billion Malaysian ringgit (approximately $13 billion) in 2023, marking its second consecutive year surpassing the 50 billion ringgit mark. The food and beverage sector emerged as the largest contributor to this figure, valued at 29.37 billion ringgits, reflecting a 5% increase from the previous year. Other contributors included halal ingredients, cosmetics, palm oil derivatives, and pharmaceuticals. The minister further noted, “It has generated almost 25 billion ringgits in total sales, attracted 500,000 trade visitors, and significantly elevated Malaysia’s profile on the global stage.” MIHAS 2024 seeks to achieve an ambitious sales target of 3.5 billion ringgits. He emphasized the Malaysian government’s active support for the halal industry, especially as global demand for halal products is estimated to reach $5 trillion by 2030. Additionally, MIHAS is set to expand its reach with an upcoming international edition dubbed MIHAS@Dubai, aimed at leveraging Dubai’s strategic position to facilitate trade and distribution of Malaysian halal goods across the Middle East and North Africa. The government has set a sales target of 1 billion ringgits for this event. In a notable achievement, MIHAS received the Guinness World Record for the Largest Attendance at a Halal Trade Show, with 38,566 visitors recorded in 2023. Merican remarked, “MIHAS 2024 aims even higher as this exciting growth further cements MIHAS as the premier global halal showcase.” On the event’s second day, MATRADE introduced the largest International Sourcing Programme, featuring over 250 international buyers, including Ghaydaa Medical, which specializes in healthcare supplies and halal-certified products. Saudi investments in Malaysia have significantly increased, with 19 approved projects worth $1.65 billion, anticipated to create 2,570 jobs in areas like pharmaceuticals, electronics, and food processing. Notable Saudi enterprises in Malaysia include Saudi Aramco and Al Rajhi Group. In terms of trade dynamics, trade between Malaysia and Saudi Arabia reached $11.06 billion in 2023, with Malaysia exporting $1.49 billion worth of goods. In 2023, imports from Saudi Arabia increased by 11.6%, totaling $9.57 billion despite a 22.4% decline in the first half of 2024 compared to the previous year. Lastly, MATRADE has facilitated the participation of numerous Malaysian exhibitors in international events in Saudi Arabia, recognizing it as a crucial market for diversifying and growing the Malaysian food industry.

The halal market is experiencing significant growth, with the global demand for halal products projected to reach $5 trillion by the year 2030. MIHAS (Malaysia International Halal Showcase) is heralded as the world’s largest halal trade fair, showcasing the broad spectrum of halal products and facilitating international trade relationships among participating countries. Saudi Arabia has been a prominent player in the halal market, reflecting its importance in various industries including healthcare, food, and pharmaceuticals, with ongoing investments in Malaysia.

In summary, Saudi Arabia’s prominent participation in MIHAS 2024 exemplifies its vital role in the global halal market. With substantial investments in Malaysia and a focus on strengthening trade relations, both nations are well-positioned to expand the halal sector significantly. The rising demand for halal products presents ample opportunities for growth and collaboration in this market.

Original Source: www.arabnews.com

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