Malaysia targets RM75 billion halal exports by 2030

Malaysia targets RM75 billion halal exports by 2030

17 Sep 2024

Malaysia is targeting RM75.2 billion halal export value or 11 per cent of the gross domestic product by 2030, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

The country’s halal exports, totalling RM55 billion last year, he said, play a crucial role in driving the country’s economic growth.

Of this total, he said, halal food and beverage (F&B) was the largest contributor with an export value of RM29.4 billion.

This is followed by halal ingredients, cosmetics and personal care products; palm oil derivatives, the chemical industry, and pharmaceuticals.

“Despite facing the global economic challenges, Malaysia remains top in the Global Islamic Economy Indicator (GIEI) 2023.

“Malaysia’s 10th year achievement signifies its position as the industry leader at the global level,” he said in his speech at the Malaysia International Halal Showcase (Mihas) 2024.

Mihas 2024 is hosted by the Investment, Trade and Industry Ministry (Miti) and organised by the Malaysia External Trade Development Corporation (Matrade).

In the service sector, Islamic financing was well received and widely used on the principle of risk-sharing, and investments based on Islamic values such as fairness, transparency and social responsibility, he said.

He said those values were in line with the Environmental, Social & Governance (ESG) principle, which is widely promoted in non-Muslim countries.

In driving the exports digitalisation agenda, the ministry also encouraged Malaysian companies, including the micro, small and medium enterprises (MSMEs) to use eDagang platform for exports through e-TRADE, he said.

“Miti and Matrade also encourage Malaysian exporters to make use of the Free Trade Agreements (FTAs), including the biggest FTA Regional Comprehensive Economic Partnership (RCEP) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

“RCEP and CPTPP constitute 28 per cent and 11.5 per cent of global GDP, respectively,” he said.

Mihas 2024 runs until Sept 20 at the Malaysia International Trade & Exhibition Centre (Mitec).

Themed ‘Globalising Halal Innovations’, the showcase will be positioned as the leading platform for global Halal companies to showcase their most innovative Halal products, services, and technologies through 14 clusters.

Source: NST