Malaysia Seeking Partners to Drive Global Halal Economy Growth

April 2019

The Malaysian government is seeking partnership with other countries to drive growth of the Halal economy. The Halal Industry Development Corporation (HDC) recently signed a memorandum of understanding (MOU) with South Korea to learn about their latest technology and market the local products there and also to provide similar opportunities for Korean products to access the Malaysia market. Similar agreements with Taiwan, Japan, and the European Union have been signed previously and Malaysia is looking forward to India becoming its next partner. 

The Malaysia Hala Center of Excellence is set to open its first center outside of the country in Bosnia by the end of April 2019. The center will conduct capacity development programs, training and coaching for industries to be certified halal. 

In 2018 Malaysia’s total halal exports stood at around USD 10 billion compared to USD 11 billion in 2017, while Muslims spent USD 2.1 trillion across food, beverage and lifestyle sectors in 2017 and this number is forecast to reach USD 3 trillion by 2023. HDC wants to educate the international public on the meaning and value of the Halal logo. 

Malaysia is also looking into closer integration between the halal industry and Islamic or Shariah trade finance in order to increase the Islamic global trade activity. The adoption of technologies could further support this. For instance, blockchain technology could potentially expedite the halal certification process up to 3,000 percent.

Another focus area for the halal industry development is education and training. Halal Academy, an online learning platform managed by GAE Resources Sdn Bhd and registered under Halal Professional Board, Malaysia (HPB), signed a MOU with Halal International Selangor (HIS), an initiative under the purview of the State Government of Selangor. HIS is set to be a flagship halal training and education center, that will provide both face-to-face and online training as part of the agreement signed, the halal training will be both comprehensive and accessible via the Halal Academy’s online learning portal.

(Source: New Straits Times; Human Resource Online; Malay Mail; Bernama)

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