many swab tests and so on . But the results are fantastic .

High-level government-to-government ( G2G ) engagement is still relevant to enhance bilateral relation that is proven through the recent three-legs Trade and Investment Missions , led by our Senior Minister , Minister of International Trade and Industry to our main trading and investment partner namely Japan , Republic of Korea , Saudi Arabia , UAE , Qatar , Austria and Turkey . Ministry of International Trade & Industry ( MITI ) led missions provided avenue for MATRADE and MIDA to emphasis Malaysia ’ s significant ability in offering quality products and services ( their main sourcing origin ), besides investment destination .

The point I want to make is that some approaches we use require our presence in that market if we ’ re going to attract investment from there . We have to meet those investors to convince them that Malaysia is a place for them to consider investing and also to expand the investment they now have here .

When I followed the minister , we were connected with all the big boys . One example is Lulu supermarket in the UAE . We were also connected with Savola , the biggest palm oil importer , and they are going to increase their imports . We met Landmark , we met GS retail , one of the biggest supermarket chains in South Korea , and so forth . We have to convince them that Malaysia is one of the countries they should consider .

“ Regarding MIHAS 2021 , we felt that it is quite unfeasible to host a large congregation of SME importers because the borders are still closed . So , the strategy is to get the big boys . So , we basically engaged the big companies during

our overseas trips . These are the kinds of buyers that we should organise their visit to Malaysia .

On promoting digital platforms

We have a programme called eTrade . This programme offers assistance in terms of financial incentives . We even provide incentives up to RM5000 to partially cover the costs incurred in joining the global eMarketplaces . We want them to be active in the e-commerce business or the online business .

We are working with almost 20 eMarketplaces now . Under the new activity we approved , we even provide incentives for digital marketing when they want to market their products digitally , which can be very costly . So , SMEs are basically benefiting a lot from our initiatives . We have already expanded the scope of the Market Development Grant . For logistics , we provide incentives from RM15,000 to RM40,000 .

Currently , shipment and logistics costs are costly due to the shortage of containers . But again , MATRADE has been proactive in assisting the business community , where we managed to convince the government . They increased the amount in terms of the value of that particular activity for the SMEs .

The halal industry and digitalisation

According to the State of the Global Islamic Economic Report 2020 / 21 published by Dinar Standard with the support of the Dubai Islamic Economy Development Centre , it was forecasted that Muslim spend would reach US $ 2.4 trillion by 2024 . It ’ s a huge industry growing at a five-year Cumulative Annual Growth Rate ( CAGR ) of 3.1 per cent .

Palm oil , one of Malaysia ' s largest halal exports .

The report highlighted there were 1.9 billion Muslims globally in 2019 , approximately a quarter of the world ’ s population . This is expected to grow twice as fast as the overall world population , reaching three billion .

Now , non-Islamic countries are also starting to embrace products that are halal certified . Why ? Because it is not about the association with the religion alone but also the cleanliness and sustainability aspect .

Suppose we ’ re looking at the whole halal ecosystem . In that case , it basically caters to the need of developed countries , where they are looking , as I mentioned earlier , for the sustainability aspect of it . So , I believe that there is vast potential for the halal industry in the global market .

According to the Halal Development Corporation Berhad ( HDC ), Malaysia ’ s total halal exports stood at RM30.5 billion in 2020 . It declined by 24 per cent from RM40.2 billion in 2019 . We expected this to happen because it was in tandem with the overall downward trend of trade performance affected by the pandemic .

MATRADE assists the SMEs with several initiatives in terms of incentives , connecting them to buyers , digitalising their business system , etc . We are moving in the right direction with the growth in the Muslim population , increased interest in halal products and services , and digital platforms that we could leverage for e-commerce .

The synergy is also there . JAKIM is in charge of halal certification . MATRADE is the national export promotion agency of the government and HDC , the regulator . So , I think we will be able to achieve the objective for our country .