Malaysia demonstrates central role in halal industry

The 20th Malaysia International Halal Showcase (MIHAS) 2024 opened at the Malaysia International Trade & Exhibition Centre (MITEC) in Kuala Lumpur on Tuesday.

Themed “Globalising Halal Innovations”, MIHAS attracts 1,000 exhibitors from more than 40 countries around the world, and nearly 40,000 visitors.

In his opening remarks, Malaysian Prime Minister Anwar Ibrahim stated that the halal industry can complement the Islamic economy as it is inclusive and comprehensive and gives a positive impact on the broader community, including farmers, fishermen, micro, small and medium enterprises, as well as retailers.

He also expressed his appreciation to several foreign leaders, particularly from Muslim-majority countries, for their strong support of the halal industry and for acknowledging Malaysia's efforts in promoting it.

He noted that these countries are seeking Malaysia’s cooperation to boost trade and investment, including in halal-related sectors.

Minister of Investment, Trade and Industry Tengku Zafrul Abdul Aziz also delivered a speech highlighting the potential of the halal industry at the event.

He pointed out that amid global economic challenges, Malaysia remains a leader in the halal food sector. Its companies are encouraged through the Halal Industry Master Plan 2030 (HIMP 2030) to seize the opportunity to achieve MYR 75.2 billion ($17.6 billion) in halal exports, equivalent to 11% of the country’s gross domestic product (GDP) by 2030.

Zafrul said he is optimistic that Malaysia will achieve encouraging export turnover in halal-related industries after recording MYR 55 billion in 2023.

Malaysia launched its HIMP 2030 last year, expecting the halal industry to reach $113.2 billion by 2030 and contribute 8.1% to the GDP by 2025.

MIHAS 2024, co-organised by the country's Ministry of Investment, Trade and Industry and the Malaysia External Trade Development Corporation (MATRADE), is scheduled to last through September 20.