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Malaysia on track to be global halal hub by 2020

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Syndicated News
Written by Syndicated News

KUALA LUMPUR — April 5, 2017: Malaysia is on track to achieve global halal hub status by 2020, backed by a holistic ecosystem.

The country remains the leader in the halal industry worldwide as it goes beyond food and beverage to other sectors, including Islamic finance, pharmaceutical, logistics and tourism.

“We are strong especially in food and beverage as compared to other countries and also have good recognition with our halal logo,” Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said after the launch of the Malaysia International Halal Showcase (Mihas) 2017 by Deputy Prime Minister Datuk Seri Zahid Hamidi.

Mustapa also said that Malaysia has been assisting other countries to work with their halal bodies to secure halal certification and is currently working on this with Indonesia.

Despite moderate investment levels in the sector currently due to the economic uncertainty, Mustapa said that Malaysia’s expectation of reaching RM15 billion in halal investments by 2020 is achievable compared to today’s RM11 billion.

The global halal market is currently valued at US$2.3 trillion (US$1=RM4.42) annually with the halal food sector worth US$660 billion being the core component.

Malaysia’s exports of halal products in 2016 amounted to RM39.3 billion, with the main items being food and beverage, ingredients and palm oil derivatives.

Among Malaysia’s top export markets are China, Singapore, the United States and Japan. Halal exports are projected to contribute 8.7 per cent to the country’s gross domestic product by 2020. — Bernama

 

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News sourced from Bernama, Reuters, AFP and other accredited news agencies, including credible blogsites and news portals.