By Eamon Granahan
On Tuesday, the Malaysian Second Minister of Finance Ahmad Husni Mohamed Hanadzlah met with Riadh Bettaib, Tunisia’s Minister of Investment and International Cooperation, to discuss the prospective collaboration between Malaysia and Tunisia in Halal industries.
“Tunisia can be a platform for the development and export of Halal industries for the Muslim community in Europe and Africa,” said Hanadzlah during a press conference attended by the two ministers in Tunis.
According to TAP, Malaysia’s exports in the Halal industries’ sector are valued at an estimated $11 billon, and the rate of exchange in these industries worldwide generates over $2.3 trillion dollars annually. The Halal industries’ sector refers to the production of food, cosmetics, and pharmaceuticals that abide by Islamic Law.
The Malaysian Minister of Finance stated that his country is willing to host over 30 Tunisian Halal companies in order for them gain experience from the well-established Malaysian Halal industry. He stressed the lucrative potential of developing this sector, given the high demand of Malaysian Halal industry products in countries with large Muslim communities.
Prospects of bilateral cooperation in the Islamic finance sector were also touched upon during the conference, and Hanadzlah stressed that Malaysia’s expertise in this field will be at Tunisia’s disposal.
Islamic Finance was first established in Malaysia in 1983. Since then, Islamic financial transactions total to $31 billion, accounting for 23% of Malaysia’s financial services sector.
Currenty, no Malaysian businesses are based in Tunisia. The only form of trade conducted between the two countries consists of the exportation of Tunisian dates and the importation of Malaysian natural oils.