Halal hub: Chamber reaffirms alliance
Published on: Saturday, June 07, 2025
Published on: Sat, Jun 07, 2025 Text Size: From left: Dexter Lau, Shawn Tan, Lanice Ng, Jacky Chin and Dr Gloria. Kota Kinabalu: The Malaysia-China Chamber of Commerce (MCCC) Sabah Branch reaffirmed its strategic partnership with the World Halalprenuer Council (WHC), focusing on positioning Sabah as the gateway to the China-Malaysia halal ecosystem and transforming the State into an international halal hub. MCCC Sabah President Datuk Dexter Lau said both parties recently met and agreed to translate their previous strategic engagement into concrete, collaborative frameworks.
Advertisement 'We will specifically focus on bilateral halal trade, education, leadership in publications and the joint organisation of high-profile and documentation initiatives,' he said, in a statement, Friday. Lau said the chamber had appointed four committee members – First Vice President Jacky Chin, Treasurer Shawn Tan, committee member Lanice Ng and Dr Gloria Chang – as the working committee for the WHC Sabah Chapter. He expressed confidence that their appointments, along with MCCC Sabah's involvement, would greatly benefit chamber members by offering exposure and expanding visibility on the international stage through WHC's global events, publications and digital platforms. The strategic collaboration will also serve as a bridge for bilateral halal trade and investment opportunities, particularly for halalpreneurs and women entrepreneurs from China and Malaysia, especially in Sabah. Lau is confident in Sabah's strong potential to become the international halal hub for Southeast Asia, given its strategic location and access to fast-growing markets with large Muslim populations in the region. 'With continued support and encouragement from the Government in promoting international trade and investment, we believe it won't be long before our objectives materialise, and Sabah's halal trade and investment can be elevated to a new level,' he added. According to the Global Islamic Economy Index, the global halal economy is projected to reach a market value of USD7.7 trillion by 2025 – up from USD3.2 trillion in 2015 – driven by increasing demand for Shariah-compliant investments and products. Malaysia remains a global leader in the halal industry, which contributes nearly 10 per cent to the nation's GDP. The sector is expected to grow further, with halal exports valued at billions of ringgit, as the country continues to lead in halal innovation, exploring areas such as AI-driven supply chain platforms and plant-based pharmaceuticals. The largest component of Malaysia's halal economy is the food services sector, which generated approximately USD31 billion (RM128.8 billion) in revenue in 2021. This figure is forecast to rise to USD47.6 billion (RM201.02 billion) by 2025. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available.
Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Free Malaysia Today
9 hours ago
- Free Malaysia Today
China says it will speed up rare earths exports to EU firms
China suspended exports of a wide range of rare earths and related magnets last month. (EPA Images pic) SHANGHAI : China is willing to accelerate the examination and approval of rare earth exports to European Union firms and will also deliver a verdict on its trade investigation of EU brandy imports by July 5, its commerce ministry said today. Price commitment consultations between China and the EU on Chinese-made electric vehicles exported to the EU have also entered a final stage but efforts from both sides are still needed, according to a statement on the Chinese commerce ministry's website. The issues were discussed between Chinese commerce minister Wang Wentao and EU trade commissioner Maros Sefcovic in Paris on Tuesday, according to the statement. The comments mark progress on matters that have vexed China's relationship with the European Union over the past year. Most recently, China's decision in April to suspend exports of a wide range of rare earths and related magnets has upended the supply chains central to automakers, aerospace manufacturers, semiconductor companies and military contractors around the world. The ministry said China attached great importance to the EU's concerns and 'was willing to establish a green channel for qualified applications to speed up the approval process'. Commerce minister Wang during the meeting 'expressed the hope that the EU will meet us halfway and take effective measures to facilitate, safeguard and promote compliant trade in high-tech products to China', according to the statement. Chinese anti-dumping measures that applied duties of up to 39% on imports of European brandy – with French cognac bearing the brunt – have also strained relations between Paris and Beijing. The brandy duties were enforced days after the European Union took action against Chinese-made electric vehicle imports to shield its local industry, prompting France's President Emmanuel Macron to accuse Beijing of 'pure retaliation'. The Chinese duties have dented sales of brands including LVMH's Hennessy, Pernod Ricard's Martell and Remy Cointreau. Beijing was initially meant to make a final decision on the brandy duties by January, but extended the deadline to April and then again to July 5. China's commerce ministry said today that French companies and relevant associations had proactively submitted applications on price commitments for brandy to China and that Chinese investigators had reached an agreement with them on the core terms. Chinese authorities were now reviewing the complete text on those commitments and would issue a final announcement before July 5, it said. In April, the European Commission said the EU and China had also agreed to look into setting minimum prices of Chinese-made electric vehicles instead of tariffs imposed by the EU last year. China's commerce ministry said the EU had also proposed exploring 'new technical paths' relating to EVs, which the Chinese side was now evaluating.
The Star
10 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
Free Malaysia Today
11 hours ago
- Free Malaysia Today
Issues over Petros nothing to do with Petronas layoffs, says Fadillah
Deputy prime minister Fadillah Yusof said Petronas is relooking its entire operation because of the decline in crude oil prices. KUCHING : Petroliam Nasional Bhd's (Petronas) move to trim its workforce stems from global challenges and is not connected to the national oil firm's issues with Petroleum Sarawak Bhd (Petros). Deputy prime minister Fadillah Yusof said Petronas's restructuring plan is necessary amid the decline in crude oil prices. He said he plans to meet with the company to get more details of the exercise. 'That (the decline in crude oil prices) is why Petronas has to relook its entire operation. I'm planning a meeting with them to get a briefing on the matter and to ensure that the number of layoffs can be reduced, if not avoided,' he told reporters attending the Aidiladha sacrificial event at Taman Hussein Mosque here today. On June 5, Petronas president and CEO Tengku Muhammad Taufik Aziz said the national oil firm is cutting 10% of its workforce to cope with challenging operating conditions, particularly because of falling crude prices. He said the number of staff involved in the downsizing process stands at about 5,000, and those affected will be notified in stages next year. On May 21, the federal and state governments reached an understanding on matters involving Petronas and Petros. According to the joint declaration, Petronas will continue its functions, activities, responsibilities and obligations entrusted to the company in Malaysia under the Petroleum Development Act 1974 and its regulations. Any agreements and arrangements between Petronas and its subsidiaries with third parties for the purpose of liquefied natural gas sales from upstream operations through to LNG exports to foreign parties remain unaffected. A media statement by the Prime Minister's Office following the joint declaration said all relevant federal and state laws relating to gas distribution in Sarawak are to co-exist and be respected by all parties.
