Malaysian Companies Ink 11 MoUs At Dubai's Gulfood 2017

By Azizul Ahmad KUALA LUMPUR, March 31 (Bernama) -- Six Malaysian companies inked 11 memoranda of understanding (MoUs) with buyers at the world's largest food and hospitality event, "Gulfood 2017", in Dubai, United Arab Emirates (UAE). The companies, represented by the Ministry of Agriculture and Agro-Based Industry (MOA), received encouraging trade enquiries at the event held from Feb 26 to March 2, said Shahid Abu Bakar, Agricultural Consul at the Malaysian Consulate General's office in Dubai. He said the six small and medium enterprises (SMEs) also raked in a total of RM3.8 million (US$1 = RM4.42) sales throughout the five-day trade show. He said with more than 5,000 exhibitors representing 120 countries worldwide, the event was the perfect space to learn about the new demand, latest concepts, innovations and strategies shaping the food industry. "For the trade show's recent 22nd edition, the participating SMEs had potential sales of up to RM10.3 million and would undertake follow-up marketing with the contacts," he said in a statement issued to Bernama here Friday. Among the participating SMEs were Kalos Bay Venture Sdn Bhd, Ganda Kota Sdn Bhd, Ryverra Chocolate & Manufacturing Sdn Bhd, Haliza Industries Sdn Bhd, Garis Concept Sdn Bhd, Dr Aisyah Solution and Buminiche Sdn Bhd. "It will also help us to learn how to tackle and overcome the emerging risks and challenges prevalent in the global food industry today," Shahid said. According to him, the just-concluded 2017 exhibition recorded some 95,000 visitors, a 5.5 per cent increase or 5,000 visitors from the previous year. Gulfood, launched in 1987, has grown bigger and attracted buyers not only from the Gulf region but all over the world. "UAE imports over 80 per cent of its food products with some 50 per cent being re-exported to Gulf Cooperative Council countries, the Indian subcontinent and Eastern Africa," he said. Shahid also shared the statistics of UAE food and beverage market which he said was expected to reach AED82 billion (US$22.3 billion or RM98 billion) by 2020. Commenting on Malaysian SMEs, he pointed out that some were not prepared for new challenges in the international arena although they were already established in the local market. "Entrepreneurs were not prepared when met with enquiries such as product pricing, and they were not ready to bear any cost after the exhibition such as promotions and advertising," he added. -- BERNAMA