Malaysia Bids to become Global Hub for Halal Food, Ingredients and Meats

| 14/05/2008 | Reply

The country’s Prime
Minister, Minister Abdullah Ahmad Badawi, outlined a raft of tax
incentives as it bids to grow the halal sectors in processed foods,
livestock , meat products and food ingredients.

Speaking at the
World Halal Forum, the Malaysian leader was quoted as saying: “For
industry players in these promoted industries, the incentives include
investment tax allowance, or exemption on statutory income from export
sales.

“In addition, there will be exemption from import duty on
raw materials as well as double deduction on expenses incurred in
obtaining international quality standards.”

He said he was
confident Malaysia could “emerge as a major global halal hub in the
future”. The worldwide halal market was estimated to be worth US$2.3
trillion, with huge growth potential, he added.

State-sponsored
halal industry parks have been set up in key area to help investors,
who can apply to the state-run Halal Industry Development Corp (HDC) 
to benefit from the incentives, said the PM.

A 9000-hectare
halal park was being set up in the region of Sarawak, one of four
nationwide, will focus on prawn and fish farming, as well as poultry,
agriculture and processing industries, officials said.

Category: Asia

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