Malaysia: IRDA eyeing untapped halal market

ISKANDAR Regional Development Authority (IRDA) is looking to secure a significant chunk of the untapped halal market that promises to have multiplier effects in Iskandar Malaysia.

Malaysia_Transform_54IRDA chief executive Datuk Ismail Ibrahim said it was looking to capture the halal market as only 20 per cent of the demand could be met globally.

“So, we still have 80 per cent of the market to explore and Malaysia must grab the opportunities. This will definitely be one of the many matters raised at the forum,” he said on the sidelines of the 10th World Islamic Economic Forum, here, yesterday.

Ismail said Iskandar Malaysia could use its strengths in manufacturing and logistics to set up a halal park, which would be more comprehensive and holistic in nature.

On interest from foreign investors in the corridor, Ismail said Middle East countries contributed 12 per cent of the total investment in Iskandar Malaysia.

Europe makes up 40 per cent of the foreign investments, followed by Asia Pacific (40 per cent) and the rest from countries including the United States.

Iskandar Malaysia secured RM10 billion new investments in the third quarter, bringing the total cumulative committed investment to RM156.35 billion, between 2006 and September 30.

Of that, 63 per cent, or RM98.85 billion, are domestic investments, with the balance RM57.49 billion are foreign investments.

Of the total, RM77.17 billion, or 49 per cent, are investments that have been realised.

The corridor’s top five investing countries from January to September this year are Singapore, the US, Spain, Japan and China.