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Barnama
7 hours ago
- Business
- Barnama
Halal Industry Among Key Growth Drivers In IMT-GT, BIMP-EAGA
By Engku Shariful Azni Engku Ab Latif and Nur Athirah Mohd Shaharuddin 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."
New Straits Times
9 hours ago
- Business
- New Straits Times
Halal industry among key growth drivers in IMT-GT, BIMP-EAGA
KUALA LUMPUR: 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." IMT-GT, BIMP-EAGA align with broader ASEAN goals Muhammad Irwan said that while ASEAN's broader goals for economic integration and connectivity are guided by the ASEAN Economic Community (AEC) Blueprint 2025 and the Master Plan on ASEAN Connectivity (MPAC) 2025, the IMT-GT and BIMP-EAGA sub-regions can align with these objectives through five key areas. Firstly, he explained that the sub-regions can support ASEAN's goal to narrow development gaps across the region by focusing on peripheral areas by creating economic opportunities in places often overlooked by national strategies, helping ASEAN advance as a more cohesive and inclusive community. Secondly, he stated that IMT-GT and BIMP-EAGA can support ASEAN's goal of developing seamless transport, trade facilitation, and digital infrastructure, as outlined in MPAC 2025, by investing in cross-border infrastructure like roads, ports, and airports, and by coordinating efforts on border trade facilitation, customs harmonisation, and logistics. "For example, BIMP-EAGA has launched 210 priority infrastructure projects (PIPs) as of October 2024, including the expansion of border economic zones and connectivity corridors, directly supporting MPAC's aim to physically link ASEAN markets," he said. Muhammad Irwan said IMT-GT and BIMP-EAGA can support ASEAN's goal to increase intra-ASEAN trade and investment by focusing on regional supply chains in agriculture, halal products, tourism, and manufacturing. For example, IMT-GT's Halal Industry Development initiative supports ASEAN's bid to become a global halal hub. "IMT-GT and BIMP-EAGA also facilitate cross-border investments and SME partnerships, which deepen economic interdependence within ASEAN and integrate border regions into the broader ASEAN market," he added. He said sub-regions can reinforce ASEAN's mission to have resilience, climate action, and sustainable development through promoting green infrastructure and sustainable tourism, such as UNESCO Geoparks. Muhammad Irwan also emphasised that IMT-GT and BIMP-EAGA can support ASEAN's goal to foster cultural ties, mobility, and shared identity by encouraging cross-border travel and joint festivals such as the Visit IMT-GT Year 2023–2025.
