KUALA LUMPUR: The Malaysia External Trade Development Corporation (MATRADE) expects up to RM600 million in potential sales to be generated from the International Sourcing Programme (INSP) this year from RM602.45 million recorded in 2018.

Deputy chief executive officer Mohd Mustafa Abdul Aziz said this year, the INSP would focus on local small and medium enterprises (SMEs) in the halal industry.

“The local companies at the INSP come from various Malaysian states such as Selangor, Johor, Penang and Perak, as well as Kuala Lumpur, while among the countries involved are China, India, Saudi Arabia, Japan, Indonesia, South Korea, Thailand and Singapore, just to name a few.

“In total, MATRADE will be coordinating around 1,928 business meetings between the local and foreign companies,” he told a press conference on the INSP here today.

Organised in conjunction with the 16th Malaysia International Halal Showcase (MIHAS) 2019, the one-day INSP taking place today will match more than 500 local companies with 200 foreign buyers from 43 countries.

Mohd Mustafa said the global business matching helps local SMEs introduce their halal products or services to high-potential buyers scouted through MATRADE’s 46 global trade offices extensive buyers database.

He said that the business matching provides opportunities for local companies to meet with high-potential foreign buyers at home, saving them travelling costs.

“The INSP is a very effective platform for Malaysian companies, especially small and medium enterprises, to meet with global buyers.  “Since the inception of MIHAS, we have successfully turned this annual gathering of local sellers and foreign buyers into an important meeting point for them to expand their business horizon in the global arena,” he said.

Mohd Mustafa said the food and beverage sector contributed the largest amount to the RM602.45 million sales generated by last year’s INSP.

The top export destinations from the 2018 INSP were China (RM310.46 million in sales), India (RM75.61 million), Poland (RM71.34 million), Thailand (RM21.70 million) and the United States (RM20.13 million). - Bernama