By Nurul Hanis Izmir
KUALA LUMPUR, April 11 (Bernama) -- The Malaysia International Halal Showcase (MIHAS) will use big data analytics (BDA) at the next event to predict the buying trend among visiting countries, said organiser, Malaysia External Trade Development Corp (Matrade).
Matrade's new Chief Executive Officer, Dr Mohd Shahreen Zainooreen Madros, said the BDA will enable companies to know who are their biggest buyers and the products they normally buy at the world's largest halal event.
"This will bring a different kind of game entirely for MIHAS and we need to be prepared. This is where all the big companies could use to their advantage," he told Bernama.
BDA is a process of collecting, organising and analysing large sets of data to discover patterns and other useful information.
It can help organisations understand the information contain within the data and will also help identify those that are most important to the business and future business decisions.
The adaptation of the BDA, according to Shahreen, is timely as Malaysia has embarked on the digital platform in conducting business.
"We would also aim to leverage on the Digital Free-Trade Zone that was launched by the government, with China's e-commerce giant Alibaba Group Founder Jack Ma as the Adviser," he said.
Mohd Shahreen said being the world largest halal event for the past 14 years, MIHAS should be looked at as a platform that showcases the entire halal chain and Matrade as the promotion tool.
"What we are doing is reaching out to the companies, both local and international, including the small and medium enterprises and multinationals," he said, adding that this is crucial in achieving the halal hub status and sustain the position.
On the business deals secured during the recently-concluded MIHAS 2017, he said: "We do not have the figures yet, but so far they are as good as last year."
Last year, MIHAS recorded RM1.14 billion in sales, up four per cent from 2015.
Meanwhile, at the opening of MIHAS 2017, Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed, was reported as saying Malaysia was on track to achieve global halal hub status by 2020, backed by a holistic ecosystem.
He said the country remained the leader in the halal industry worldwide as it went beyond food and beverages to other sectors, including Islamic finance, pharmaceuticals, logistics and halal tourism.
Echoing to this, Mohd Shahreen said, Malaysia is way ahead compared to its competitors.
"There are no specific criteria or measurements that will allow us to be champion in this industry that is worth US$2.3 trillion (US$1 = RM4.42), but we have set our own targets and are on track to meet all of them," he said.
Among the key benchmarks set by the country include its contribution to the gross domestic product to increase to 8.7 per cent by 2020 from the current 4.4 per cent expected to be achieved by end-2017.
By 2020, Malaysia also forecasts its annual annual halal exports to exceed RM50 billion versus RM40 billion expected for this year (estimated for 2016: RM39.3 billion) and halal investment to reach RM15 billion from RM11 billion currently.