@Halal September/October 2023 | Page 31

The pandemic and rising costs of living have prompted consumers to become more health and cost-conscious in selecting products .

“ Additionally , the post-pandemic period has witnessed a significant shift towards e-commerce and digital platforms , which have become the norm . While some aspects of life have returned to pre-pandemic routines , the digital world has become integral to our lives . Therefore , halal players in the market must adapt and find the perfect match to survive and thrive in this evolving market ,” he elaborated .

When considering market opportunities , it is clear on a global scale that governments are making necessary adjustments to their monetary policies as part of the ongoing process of economic normalisation . Remee specifically highlighted that the interest rate was on the rise in Malaysia . Consumers display a heightened sense of caution towards spending , indicating that opportunities may lie in more affordable options .

“ The emphasis is on value for money . There are opportunities for Malaysian halal manufacturers to explore innovative and healthy product options that are also affordable . This can be achieved through various means , such as adjusting packaging or implementing cost reductions . It is important for Malaysian companies to consider these aspects ,” Remee emphasised .

SUPPORTING MALAYSIAN EXPORTERS

As Malaysia ’ s national trade promotion agency , MATRADE has consistently explored opportunities and employed innovative methods to create market access platforms for Malaysian exporters . Remee said their flagship event , the Malaysia International Halal Showcase ( MIHAS ), served two significant purposes . Firstly , it aims to assist Malaysian companies in expanding their presence in the global halal market . Secondly , MIHAS is pivotal in reinforcing Malaysia ’ s position as the leading global halal hub .

“ We also explore various trade promotional activities and tools . For instance , we participate in iconic trade fairs and arrange business meetings . Thanks to the pandemic , we no longer have all these programmes solely in physical format . We are also using the

We also explore various trade promotional activities and tools . For instance , we participate in iconic trade fairs and arrange business meetings . Thanks to the pandemic , we no longer have all these programmes solely in physical format . We are also using the digital or virtual format .”

– Remee Yaakub digital or virtual format .”

Building on the success of MIHAS 2021 , held entirely in a virtual format , MATRADE acknowledged the importance of maintaining a balanced and complementary presence in physical and virtual forms . Adopting the hybrid approach last year , the agency is committed to continuing it for this year ’ s MIHAS 2023 .

The post-pandemic period has witnessed a significant shift towards e-Commerce and digital platforms .

COOPERATING WITH OTHER STAKEHOLDERS

Within the industry ecosystem , MATRADE occupies a crucial position as the final stage of the system . Remee explained the agency ’ s expertise and responsibility come into play when the product reaches a stage of readiness and competitiveness for the international market .

He said : “ That is our main role . Throughout this process , we require assistance from various agencies , ministries , and stakeholders within the ecosystem to ensure product innovation , competitiveness , and alignment with consumer trends and the global market .”

He further elaborated that , in Malaysia , numerous ministries and agencies were responsible for assisting entrepreneurs in innovation and the financial support system . Banks provide financial backing , while the export process is facilitated by freight forwarding agents . Additionally , agencies in the halal ecosystem , such as JAKIM with its certification system , play a vital role .

“ We greatly value the involvement of these entities as it aligns with our mandate to enhance Malaysia ’ s export products and services abroad . Their participation in events like MIHAS is strongly encouraged .”

Remee revealed that MATRADE recently introduced the MATRADE Digital Trade Platform ( MDTP ) in collaboration with Fusionex Group . This platform leverages the power of AI technology to bring all stakeholders together , enabling Malaysian entrepreneurs and exporters to embrace digitalisation . Utilising technology as an additional or new platform facilitates their exports ’ growth and empowers them to tap into new opportunities .

CHALLENGES AND OPPORTUNITIES

Remee elaborated on the challenges in the halal industry , saying : “ As mentioned earlier , the halal industry is not a standalone industry . With the normalisation of monetary policies worldwide , business costs have increased . This not only affects businesses but also impacts consumers .”

Touching on climate change , he said there would be challenges related to costs and sourcing raw materials . In the case of Malaysia , the weakening of the Malaysian Ringgit has led to higher production costs for manufacturers relying on imported raw materials .

“ The rapidly changing consumer preferences also require halal manufacturers and companies to quickly adapt and be flexible to stay in business and keep moving forward ,” he highlighted .

He mentioned that there were numerous regulatory requirements that businesses need to comply with , not only related to halal but also in terms of sustainability . He emphasised that sustainability was an important aspect to consider in the halal industry .

From MATRADE ’ s perspective , the agency advocates that halal practices are inherently aligned with sustainability . The principles of halal promote the efficient use of resources and good practices and do not violate human rights or harm the environment .

Therefore , Remee urged Malaysian companies , including halal manufacturers and exporters , to take this opportunity to carefully examine and adhere to these principles to progress in the industry .

Touching on MIHAS 2023 , he said : “ We expect it to be the best and largest . We offer 1,500 booths and will occupy all nine halls at the Malaysia International Trade and Exhibition Centre ( MITEC ). We are bringing in 230 foreign buyers and 10 premium buyers representing various largest retailers and importers worldwide . We hope that it will translate into good export sales for Malaysian exporters and other participating countries .” – Xtra