Halal Industry Development Corp (HDC) expects to attract RM1 billion investments from local and foreign investors for all eight halal parks in the country next year. The target is smaller than this year’s RM2.4 billion investments due to global economic uncertainties.
Prof. Ekmeleddin Ihsanoglu, Secretary General of the Organisation Of Islamic Cooperation (OIC), has outlined a number of issues that are restricting the growth of economic development and business/trade potential in the Islamic countries. Here is an edited text of his speech:
The Republic of Tatarstan, a Muslim-majority region, has proved to be an interesting investment destination for funds with Muslim shareholders or that are based in Muslim countries. The Malaysian private equity firm Amanah Raya Capital Group, has launched several projects the republic. Their first project was the Kazan Halal Hub.
Supporting small and medium enterprises and agribusiness are key priorities for IFC in Africa, since these sectors account for the bulk of employment on the continent. Across Africa, IFC is supporting projects across the food supply chain, including processing, logistics, and distribution.
Cooperation between Sarawak and Brunei in five key areas – energy, agriculture, telecommunications, manpower exchange and tourism – is expected to increase following the visit of a state delegation there on Friday.
Halal parks should be established in Malaysia and Thailand to facilitate the permanent promotion of halal products in both countries. The governments of both countries could facilitate the setting up of the parks, including stationing English-Thai translators in the Thai halal park as well as staff well-versed with their respective country’s business environment.
In a statement Monday, the HDC said it recently signed a Memorandum of Understanding (MoU) with SM International Wholesale (China) Centre Sdn Bhd (SMIW) for developing halal models aimed at benefiting Muslim consumers in that country.
The Ministry of Federal Territories and Urban Wellbeing is in the midst of obtaining the nod from the Finance Ministry on the memorandum of association pertaining to the setting up of a company to run the RM86 million Labuan Halal Distribution Hub.
‘The meat is for all people and it will be exported to the Middle East and Africa,’ said Eshragi. About 300 people will be employed during the construction works of phase one, which is expected to last two years.
Malaysia has won the Diamond Trade and Investment Award for being among top five investors in Pakistan during July 2006 to October 2010 with total investments of $855.7 million.
A top official has said that China is developing one of the biggest economic zones in the world which will also benefit Pakistan’s economy.
Middle East countries are expected to invest nearly $700 million (Dh2.57 billion) in Malaysia’s eastern region, especially in halal food, a Malaysian official has said.
Many in Pakistan understand the importance of putting their best foot forward in international markets, but few actually take a step. Engro Corp, however, is one such company that recently decided to take the plunge, to mark its presence in the international community. The Pakistani conglomerate recently announced that it has reached an agreement with a Canada-based company to purchase its halal food business.
Investors from the Gulf region should consider investing in Sarawak’s halal hub and heavy industries, said Chief Minister Tan Sri Abdul Taib Mahmud.
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