SHANGHAI: Malaysia has the potential to attract new investments in the halal industry, particularly from China.
This is expected to be realised through roundtable discussions held today between Chinese halal industry players and the Malaysian delegation led by Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi.
The delegation engaged in discussions this morning with more than 30 Chinese companies participating.
The Chinese delegation was led by China Silk Road Group chairman Yan Lijin.
The roundtable session lasted over an hour and was attended by Pahang Menteri Besar Datuk Seri Wan Rosdy Wan Ismail, Perak Menteri Besar Datuk Seri Saarani Mohamad and Halal Development Corporation Bhd chairman Khairul Azwan Harun.
In his speech, Zahid noted that one of China's main challenges is the recognition of its halal certification.
"Although many countries recognise halal logos, standardisation and trade facilitation are ongoing processes. Malaysia currently recognises 88 halal certification bodies worldwide, including six from China.
"While this is a positive step, there is still room for more collaboration," he said.
He added that the roundtable served as an ideal platform to explore solutions, streamline certification processes for Chinese exporters, and enhance cooperation between Malaysia and China.
"Let's find ways to ensure that Chinese products meet Malaysian halal standards and facilitate access to other markets that recognise the Malaysian halal certification," he stated.
Through HDC, Malaysia offers comprehensive support, including certification, consulting, training, and trade facilitation.
"Our goal is to help Chinese companies enter and succeed in the global halal market. We must also recognise the importance of halal diplomacy. Malaysia values its partnerships and networks in the halal sector.
"Through this collaboration, we can leverage our strengths, share expertise, and ensure our halal products meet the highest standards for Muslim consumers worldwide," he added.
Zahid highlighted that in 2022, two billion Muslim consumers globally spent US2.29 trillion (RM 9.99 trillion) in sectors such as food, pharmaceuticals, cosmetics, fashion, travel, and media, marking a 9.5 per cent increase from USD 2 trillion (RM 8.73 trillion) in 2021.
"This rapid growth underscores significant opportunities for Malaysia and China in the halal sector. With Asean and Global South initiatives (particularly Brics countries), there is substantial potential for both nations to access a broader market.
"With the global halal market valued at US 2.8 trillion (RM 12.2 trillion), Brics and Asean alone contribute 50.91 per cent of this, totalling US 1.43 trillion (RM 6.24 trillion). This highlights the great potential for our cooperation in the halal economy," he said.