Halal Industry Among Key Growth Drivers In IMT-GT, BIMP-EAGA
KUALA LUMPUR, June 8 (Bernama) – The rapidly-growing halal industry is among nine sectors that can trigger high economic growth in the Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) and the Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA).
The other key sectors include sustainable agriculture and agribusiness; tourism; green and renewable energy (RE); the digital economy; transport and logistics; palm oil and downstream industries; and Islamic finance, according to International Islamic University Malaysia (IIUM) associate professor of economics, Dr Muhammad Irwan Ariffin.
The marine and fisheries industries are exclusive to the BIMP-EAGA sub-region, he noted.
He said the halal industry in both IMT-GT and BIMP-EAGA sub-regions holds strong global demand for halal food, cosmetics, finance and tourism. "It shares Islamic values across Malaysia, Indonesia, Brunei, southern Thailand and Mindanao, making it a strategic goal to develop IMT-GT as a global halal hub," he told Bernama.
Turning to the agricultural sector, Muhammad Irwan said the combination of vast arable land and a tropical climate drives strong demand for high-value crops, organic farming, agro-processing and agribusiness value chains, which are essential for supporting rural economies.
As for the digital economy, he said increasing internet access in rural areas across the sub-regions has driven the growth of e-commerce, fintech and digital skills development, alongside plans for smart cities and cross-border digital corridors.
"The sub-regions, which are known for their rich biodiversity, natural parks, and cultural heritage, are increasingly focusing on eco-tourism, halal tourism, and cross-border travel circuits, supported by strategic initiatives such as the Visit IMT-GT Year 2023–2025 campaign,' he continued. "In the Islamic finance sector, the large Muslim population and underserved rural communities present opportunities for inclusive growth through shariah-compliant financial services that support the development of small and medium enterprises (SMEs) across the regions."
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