A new agreement signed by the Australian Trade and Investment Commission (Austrade) will mean greater access for Australia’s halal exporters to Malaysia’s rapidly growing halal food sector.
Through a new Memorandum of Understanding (MoU) signed with Malaysia’s Halal Development Corporation (HDC), commercial pathways will open for Australian exporters across the ASEAN region.
“This will also help to develop increased information exchanges and deepen commercial collaborations, leading to long-term, mutually beneficial outcomes for businesses in both Australia and Malaysia,” said Mr Paul Sanda, Austrade Senior Trade and Investment Commissioner to Malaysia & Brunei.
“With the Malaysian Government committed to developing Malaysia as a leading halal industry centre of excellence and manufacturing hub, Australian businesses are well-placed to supply halal certified ingredients and raw materials to both the manufacturing and food service sectors. It also opens potential for greater services trade.”
Globally, the halal market is projected to increase in value from $4 trillion to $7 trillion in the next eight years. The ASEAN region alone is home to around 240 million Muslims.
Added Mr Sanda, “Understanding the value halal certification can bring to a brand is important. This Agreement with HDC also seeks to create increased collaboration in marketing, education, and training for businesses to assist with building their brands.”
The MoU combines Australia’s high-quality, halal-compliant produce with Malaysia’s global leadership on halal matters to help strengthen two-way trade between the countries. It is supported by the Agribusiness Expansion Initiative (ABEI), the Australian government’s $72.7 million initiative to assist Australia’s agribusiness exports.