MATRADE targets US$11.4 billion of Halal exports in 2020

MATRADE or the Malaysia External Trade Development Corporation aims to achieve its RM50 billion (US$11.4 billion) Halal export target by end-2020.
According to MATRADE Deputy CEO (Export Acceleration) Mohd Mustafa Abdul Aziz, Malaysia has a lot of advantages in the Halal industry particularly in terms of Halal accreditation/certification. The success of Malaysia model has motivated many other countries to explore the Halal prospects for their economies.
Mustafa said that despite ‘Halal’ being recognised globally, many big players in the food industry still lack proper understanding of what is Halal. Nevertheless, there are growing demand for Halal food and ingredients by both muslim and non-muslim buyers globally.
To realise its goal and to build better understanding of Halal, MATRADE will be co-organising the 17th Malaysia International Halal Showcase (MIHAS) which has been rescheduled to 1-4 September 2020 due to COVID19 pandemic.
Halal no longer means permissible only for muslim consumers, but it also means superior quality food products and ingredients that have been assessed thoroughly on its contents and source of origins, which have also attracted non-muslim consumers.
According to Dinar Standard’s ‘State of the Global Islamic Economy Report 2019/20’, Muslims spent US$2.2 trillion in 2018, a 5.2% growth year-on-year. This is expected to increase to US$3.2 trillion by 2024.
Mustafa added, “Malaysia is currently the only country in the world that boasts a comprehensive ecosystem for the Halal industry development agenda. This includes halal certification systems, standards and regulations, infrastructures, incentives, human capital and Islamic banking, supported by effective frameworks from governmental institutions, all linked together to create a holistic halal ecosystem.”