Latest news with #GlobalIslamicEconomyIndex
Daily Express
8 hours ago
- Business
- Daily Express
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
Borneo Post
2 days ago
- Business
- Borneo Post
Sabah aims to become China-Malaysia halal hub
Dexter Lau KOTA KINABALU (June 5): The Malaysia-China Chamber of Commerce (MCCC) Sabah Branch is reaffirming its strategic alliance with the World Halalprenuer Council to focus on positioning Sabah as the gateway for China-Malaysia halal ecosystem, as well as transforming Sabah into an international halal hub. Its president, Datuk Dexter Lau, disclosed that both parties met recently and agreed to turn their prior strategic engagement into actionable collaborative frameworks. 'We will be specifically focusing on bilateral halal trade, education, publication leadership and the joint organization of prestigious and documentation initiatives,' he said. Dexter said the chamber had appointed four of their committee members namely MCCC Sabah first vice president Jacky Chin, treasurer Shawn Tan, committee members Lanice Ng and Dr Gloria Chang as the working committee of WHC Sabah Chapter. Dexter strongly believes with their appointment and MCCC Sabah's participation, it would benefit the chamber's members greatly as it would provide exposure and expand visibility in international stage through WHC global events, publications and digital platforms. The strategic collaboration will also bridge the linkage in bilateral trade and investment of halalprenuer as well as womenprenuer between China and Malaysia, particularly Sabah. Dexter has confidence in Sabah's great potential to become the international halal hub for Southeast Asia as the its position provides access to fast growing markets with significant Muslim population in the region. 'With the continuous support and encouragement from the government in promoting international trade and investment, we believe it won't be too long to materialize our objectives and to boost Sabah's halal trade and investment to a higher level,' According to the Global Islamic Economy Index, the global Islamic halal economy is projected to reach a market value of USD$7.7 trillion by 2025, a significant increase from its value of USD$3.2 trillion in 2015 as the growth is fuelled by the increasing demand for Shariah-compliant investments and products. Malaysia is the global leader in the halal industry which contributes almost 10% of the country GDP, and is projected to grow further with exports valued at billions of ringgit as the country continues to be at the forefront of halal innovation, exploring areas like AI-driven supply chain platforms and plant-based pharmaceuticals. Malaysia's largest component of the halal economy is the food services sector, with business revenue in the sector estimated at USD$31 billion (RM128.8 billion) in 2021 and forecast to reach USD$47.6 billion (RM201,02 billion) by 2025.
New Straits Times
06-05-2025
- Business
- New Straits Times
Zahid: NGCC underscores Malaysia's commitment to global competitiveness
KUALA LUMPUR: The establishment of the National Geo-Economic Command Centre (NGCC) clearly demonstrates the government's commitment to safeguarding national interests and ensuring that Malaysia remains competitive on the global stage. Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi, who is also the rural and regional development minister, said he views the challenges faced by rural communities due to global trade uncertainties seriously. "Many rural residents indirectly depend on the electrical and electronics, palm oil, rubber, and agricultural sectors, with the United States (US) being one of our key export markets. "Therefore, I believe the government's efforts to not only negotiate tariff reductions but also establish new markets in Asean, the Middle East, Egypt, Pakistan, and Cambodia are crucial in protecting the incomes and livelihoods of those affected," he said in a Facebook post today. Ahmad Zahid said he supported the measures announced by Prime Minister Datuk Seri Anwar Ibrahim during the Special Parliamentary Session to address the impact of the US' reciprocal tariffs on Malaysia. He also expressed his appreciation for the government's swift move in allocating RM1 billion to upgrade the Sabah and Sarawak-Kalimantan border areas. Ahmad Zahid said Malaysia continues to be a trusted leader in the global halal industry, with exports expected to reach RM61.79 billion in 2024 – a 15 per cent increase from the previous year – maintaining its top ranking in the Global Islamic Economy Index for ten consecutive years. However, he noted that the global economic slowdown due to the US tariff policies is expected to reduce international demand for various export products, including halal goods, thereby putting pressure on local industry players. Nonetheless, he said current efforts to explore new markets, particularly in the Gulf Cooperation Council and South Asia, through business matching and participation in international expos are key to driving export growth, opening new opportunities for local entrepreneurs, and strengthening Malaysia's position as a global halal hub. Ahmad Zahid said the Rural and Regional Development Ministry, together with the Malaysia External Trade Development Corporation (Matrade) and the Halal Development Corporation, will continue to ensure that halal entrepreneurs, particularly those in rural areas, continue to penetrate international markets. – Bernama
The Star
06-05-2025
- Business
- The Star
Zahid: NGCC underscores Malaysia's commitment to global competitiveness
Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi -- Bernama KUALA LUMPUR: The establishment of the National Geo-Economic Command Centre (NGCC) clearly demonstrates the government's commitment to safeguarding national interests and ensuring that Malaysia remains competitive on the global stage. Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi, who is also the Minister of Rural and Regional Development, said he views the challenges faced by rural communities due to global trade uncertainties seriously. "Many rural residents indirectly depend on the electrical and electronics, palm oil, rubber, and agricultural sectors, with the United States (US) being one of our key export markets. "Therefore, I believe the government's efforts to not only negotiate tariff reductions but also establish new markets in ASEAN, the Middle East, Egypt, Pakistan, and Cambodia are crucial in protecting the incomes and livelihoods of those affected,' he said in a Facebook post today. Ahmad Zahid said he supported the measures announced by Prime Minister Datuk Seri Anwar Ibrahim during the Special Parliamentary Session to address the impact of the US' reciprocal tariffs on Malaysia He also expressed his appreciation for the government's swift move in allocating RM1 billion to upgrade the Sabah and Sarawak-Kalimantan border areas. The Deputy Prime Minister also highlighted that Malaysia continues to be a trusted leader in the global halal industry, with exports expected to reach RM61.79 billion in 2024 - a 15 per cent increase from the previous year - maintaining its top ranking in the Global Islamic Economy Index for ten consecutive years. However, he noted that the global economic slowdown due to the US tariff policies is expected to reduce international demand for various export products, including halal goods, thereby putting pressure on local industry players. Nonetheless, he said current efforts to explore new markets-particularly in the Gulf Cooperation Council and South Asia-through business matching and participation in international expos are key to driving export growth, opening new opportunities for local entrepreneurs, and strengthening Malaysia's position as a global halal hub. Ahmad Zahid added that the Ministry of Rural and Regional Development, together with the Malaysia External Trade Development Corporation (MATRADE) and the Halal Development Corporation, will continue to ensure that halal entrepreneurs, particularly those in rural areas, continue to penetrate international markets. - Bernama
