Malaysia eyes emerging markets, including China, to boost halal industry growth, says Matrade chairman
KUALA LUMPUR, May 1 — Malaysia is exploring opportunities in emerging markets, including China, as part of its efforts to expand the halal industry this year, said Malaysia External Trade Development Corporation (Matrade) chairman Datuk Seri Reezal Merican Naina Merican.
He said the country has outlined several strategies and is currently reviewing all trading partners that contribute to Malaysia's trade surplus to support the development of the halal sector.
'We're also looking at those contributing to the trade deficit — especially those at the bottom of the list — to see how we can 'zerorise' them through what we call the 'retain and regain' mission,' he said.
'There are certain positions we want to retain, and some we aim to regain. All of this is being managed internally,' he told reporters after the soft launch of the 21st Malaysia International Halal Showcase (Mihas) themed 'Pinnacle of Halal Excellence' here, yesterday.
Hence, Malaysia will host Mihas in Shanghai, China, from November 5 to 10, 2025, as part of its strategic participation in the China International Import Expo (CIIE) — one of Asia's leading trade exhibitions.
'This is why we're heading to China. CIIE is an import-focused exhibition, and among global trade fairs, it uniquely allows Mihas to coincide with it. They want to leverage Mihas, and Mihas also seeks to leverage CIIE,' he said.
'While Mihas typically attracts around 40,000 trade visitors, CIIE draws about 400,000. So, imagine the vast opportunity this presents to Mihas participants in Shanghai,' he said.
Reezal emphasised the immense potential of the halal industry, aligning with the Halal Industry Master Plan 2030 (HIMP 2030), which values the global halal market at approximately US$5 trillion (US$1=RM4.31).
'With the global Muslim population nearing two billion, awareness around halal is growing significantly.
'In my discussions with Chinese counterparts, I explained that halal is not solely about Islam — it represents 'halalan toyyiban', encompassing hygiene, cleanliness, safety, originality, traceability, and sometimes sustainability.'
He noted that many countries are increasingly interested in adopting halal-certified products due to the high standards and rigorous certification processes they entail.
Reezal said that the global halal market is expanding rapidly, with demand for halal products increasing across international markets. As such, Malaysia does not want to lose its position as the leading and premier nation in promoting halal products.
He said Matrade has maintained its strong commitment to achieving a minimum of five per cent export growth towards the RM1.58 trillion target for halal exports set for this year. 'That is a humble target. Of course there will be challenges but then InsyaAllah we hope that we can touch RM1.58 trillion this year,' he said. — Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
2 hours ago
- The Star
New Lao-Thai friendship bridge to enhance trade and connectivity, say top officials
Image from The Nation Thailand/Asia News Network VIENTIANE (Bernama-Xinhua): The fifth Lao-Thai Friendship Bridge, linking Bolikhamxay province in Laos to Thailand's northeastern province of Bueng Kan, is set to open in December 2025, enhancing regional and international connectivity while fostering trade, investment, tourism, and people-to-people exchanges between the two countries.. A concrete-pouring ceremony of the fifth Lao-Thai Friendship Bridge was held on Friday in Bolikhamxay province, attended by Lao Deputy Prime Minister Saleumxay Kommasith, Thai Deputy Prime Minister and Minister of Transport Suriya Jungrungreangkit, and officials from both countries. The project is an important part of Lao's sustainable growth plan and will help the country improve infrastructure and become better connected regionally and internationally, according to a Lao Economic Daily report on Saturday. The 1,350-metre bridge marks a major step in bilateral cooperation, with 98.4 per cent of construction on the Lao side and all approach roads and immigration facilities completed. The bridge is expected to cut travel time between the two provinces by up to three hours, boosting trade and tourism. Following earlier crossings that handle over 5 million vehicles annually, the new bridge is projected to start with 1,200 vehicles per day, increasing to 3,000 within five years. - Bernama-Xinhua
The Star
3 hours ago
- The Star
Hong Kong's still ‘over' but Stephen Roach says city a surprise trade war winner
American economist Stephen Roach has said that Hong Kong has benefited from the US-China trade war despite last year having declared the city to be 'over', even as he claimed that other aspects of the financial hub had worsened. The former Morgan Stanley Asia chairman sparked debate last year after he penned an opinion piece which argued, in part, that Hong Kong would be caught in the 'crossfire' of the worsening US-China rivalry. 'The word caught is the word that, if I had to write the piece again, I would probably change, because I think, ironically, Hong Kong has benefited from the crossfire between the US and China,' he told the Post in a recent interview. Despite worsening ties between the two superpowers since US President Donald Trump began levying his so-called reciprocal tariffs on China and the rest of the world, Hong Kong's stock market has seen solid gains. The benchmark Hang Seng Index is up by around 50 per cent since Roach made his original claim, while Hong Kong has rocketed to the top of the global fundraising table following a string of high-profile initial public offerings last month, including from mainland Chinese battery maker Contemporary Amperex Technology. Roach, who is now a faculty member at Yale University, said the 'sell America' trade had become a 'global mantra' and Hong Kong was a beneficiary. But asked whether he felt his initial assessment of the city being 'over' was premature, he noted he would say the same again. 'No economy or city state is over ... but this image of a dynamic, powerful system as part of the 'one country, two systems' model, I think that's just as close to being over today as it was when I originally wrote the piece,' he said, referring to the city's governing principle. 'The governance story is still, I think, very much working against this notion of Hong Kong as a free, independent, autonomous city state. If anything, it's gotten worse.' Roach added that the strong performance of the city's stock market had 'instilled sort of a new swagger in Hong Kong bordering on denial'. He said there were 'questions that could be raised' about the city's independent rule of law, pointing to the departure of foreign non-permanent judges. He also raised concerns about the fast-tracking of the domestic national security law last year and what he described as continuing efforts to 'quash dissent'. While the Hong Kong government had 'risen to the challenge' to demonstrate to the world that the city should be considered 'special', American investors in particular had developed an 'unwillingness' to distinguish it from the rest of China, he said. 'Where I've come out, reluctantly, is that as great a city as Hong Kong is, it's just another big Chinese city,' he said. 'I think it's increasingly a one country, one system model with a solid financial capital raising infrastructure embedded in Hong Kong.' Executive Council convenor Regina Ip Lau Suk-yee, who previously hit back at Roach over his 'Hong Kong is over' remarks, maintained that the American economist did not understand the city. She said the 'pessimistic views' Roach expressed last year 'were primarily based on the Hong Kong stock market's poor performance'. 'He overlooked China's strength in technological innovations and Hong Kong's unique advantages based on its separate systems. We are the only part of China that can invest, manage and provide trading platforms for digital assets.' She cited the city's recently passed law on stablecoins, which she said would help Hong Kong be the country's 'testing ground' for cryptocurrencies. Stablecoins are a type of cryptocurrency token that maintain a fixed value by being pegged to a reference asset, typically fiat currencies such as the US dollar. The law, which was passed last month and is set to take effect later this year, establishes a regulatory regime for stablecoins, paving the way for issuers to obtain licences and sell the digital assets to the public. 'Despite ongoing US-China tensions, Hong Kong will continue to have an important role to play in building bridges between China and the West,' Ip said. - SOUTH CHINA MORNING POST
The Star
4 hours ago
- The Star
Demand for Idul Adha sacrificial livestock drops amid economic slowdown in Indonesia
JAKARTA: Livestock farmers and traders across various regions have complained about a sharp drop in demand for sacrificial livestock during the Idul Adha (Day of Sacrifice) holiday, amid the country's ongoing economic slowdown. Uday, a 41-year-old sheep trader in Bandung, West Java, said he had sold only one sheep on Thursday (June 5) morning, the day before Idul Adha, which falls on Friday (June 6) this year. [The Indonesian government had announced that the Idul Adha (Day of Sacrifice) holiday for the country this year fell on June 6] 'The day before the holiday is usually my busiest and most profitable with buyers typically arriving nonstop even before sunrise. Last year, I sold up to 25 sheep on this day. But today, only one buyer has come to my stall all morning,' he said, as quoted by Kompas. Uday, who prices his sheep between Rp 3 million (US$184) and Rp 5 million each, said he had sold only 10 animals over the past four days, marking a steep drop from last year, when he sold up to 50 sacrificial animals in the lead-up to the holiday. Subari, a cow seller in Batang Regency, Central Java, shared a similar struggle, saying he had managed to sell only 16 cows two days before Idul Adha. 'Last year, I sold 40 cows. But this year, people don't seem very interested in buying sacrificial animals, likely due to the tough economic conditions,' he said on Wednesday. Nizar, a cow farmer from Anambas Islands Regency in the Riau Islands, said his income had dropped sharply compared with last year. 'There are very few buyers this time, a stark contrast to last year. So far, I've only managed to sell four cows. In previous years, I would have already sold 20 to 30 by now,' he said on Wednesday (June 4), as reported by Tribunnews. Galang Saputra, a cow seller at Jetis Animal Market in Ponorogo Regency, East Java, reported that cow prices have fallen by Rp 1 million to Rp 1.5 million ahead of the Idul Adha holiday. 'Instead of rising, prices have dropped due to weak demand,' he said on Wednesday. Sellers at the market have also completely eliminated transportation fees for moving livestock after purchase in hopes of attracting more customers, but with little success. The Institute for Demographic and Affluence Studies (Ideas) estimates that 1.92 million people purchased sacrificial livestock this year, marking a decline of 233,000 buyers or around 12 percent compared with last year. This figure is even lower than during the Covid-19 pandemic, when the institute reported 2.11 million buyers in 2021 and 2.17 million buyers in 2022. Ideas managing director Haryo Mojopahit attributed the decline to a shrinking middle and upper-income class, the primary buyers of sacrificial animals. 'The large-scale purchase of sacrificial animals during Idul Adha is vital to the growth of the country's livestock sector. This sector provides an important source of income for rural communities and acts as a key driver of the local economy,' he said on Monday, as reported by Antara. Haryo added that since the meat from sacrificial animals is mostly distributed to low-income families, Idul Adha also helps narrow the significant gap in red meat consumption between high- and low-income households. A 2024 Ideas survey revealed that individuals in high-income families consume an average of 4.17 kilogrammes of red meat per year, while those in low-income families consume only 0.009 kg annually. Economists said consumer spending power in Indonesia has steadily weakened over the past two years. Wage increases in vital sectors, such as manufacturing, trade and agriculture, have lagged behind rising prices. The situation has been exacerbated by widespread layoffs, including in the primary sector. The country's economy recorded its slowest quarterly growth since Q3 2021, expanding by 4.87 percent. Meanwhile, household spending, which constitutes over half of the nation's gross domestic product (GDP), rose by just 4.89 percent year-on-year in the first quarter of 2025, marking the slowest growth in five quarters, despite increased consumer activity during the Ramadan and Idul Fitri celebrations in March. Overall GDP growth from January to March slowed to 4.87 percent year-on-year, down from 5.02 percent in the previous quarter. - The Jakarta Post/ANN
