MALAYSIA’S export of halal products increased by 19% to RM36.3 billion in 2021 from RM30.5 billion in 2020, International Trade and Industry Deputy Minister Lim Ban Hong said.

In his welcoming speech at the launch of the 18th Malaysia International Halal Showcase (Mihas) today, he said that the halal industry is also expected to grow even further in the Asia-Pacific region following Malaysia’s ratification of the Regional Comprehensive Economic Partnership (RCEP) on March 18, 2022.

The RCEP is the world’s biggest free trade agreement, involving 15 nations with a total population of more than 2.3 billion or around one-third of the world’s population.

“With major countries such as China, Japan, South Korea, Australia and New Zealand as well as Asean being members of the RCEP, this is the halal industry’s golden opportunity for diversification,” he said.

Meanwhile, he said the International Sourcing Programme (INSP) has physically and virtually connected nearly 400 buyers from 46 countries with 532 Malaysian exporting companies so far.

“The hybrid format is expected to be able to generate more exciting export sales compared to the previous years. The virtual INSP will be extended until November 15,” he said.

On Mihas 2022, Lim noted that there has been a significant rise in the number of Malaysian exhibitors, including micro-businesses and small and medium enterprises, with the number of local exhibitors rising 411% year on year.

“Furthermore, many are also relatively younger entrepreneurs. For example, all 15 exhibitors in the Pahang Pavilion no more than 45 years of age,” he added. – Bernama, September 8, 2022.