MIDA INKS MOU WITH HDC TO ENHANCE HALAL INDUSTRY'S CAPABILITY AND CAPACITY

KUALA LUMPUR, Oct 4 (Bernama) -- The Malaysian Investment Development Authority (MIDA) and Halal Development Corporation Bhd (HDC) have signed a memorandum of understanding (MoU), allowing HDC to leverage the end-to-end facilitation by MIDA to further assist and enhance the industry’s capability and capacity, subsequently propelling economic growth.

According to a joint statement by MIDA and HDC today, the MoU with HDC demonstrated MIDA’s ongoing commitment to pursue high technology, high value-added and innovative investment projects from both domestic and foreign companies. 

“The partnership is seen as being timely to provide adequate financial support to industry players, particularly domestic investors, in expanding the government’s efforts to facilitate investments in Malaysia, which is consistent with the National Investment Aspirations (NIA) framework in driving economic growth,” it said.

MIDA chief executive officer (CEO) Datuk Arham Abdul Rahman said the MoU would further strengthen the successful partnership between MIDA and HDC and enhance Malaysia’s position as the centre of halal ecosystem development. 

“This collaboration foresees the broader scope of economic cooperation between the MIDA and HDC, where we have expanded our networks to enhance investment facilitation and at the same time, provides opportunities in new and innovative business and strategic areas that will include projects to increase investment, including halal parks and co-organising halal related events.

“Given the growing role of technology and the increasing importance of its adoption, especially since the global pandemic struck, it is apt to prioritise technology development now and post COVID-19,” he said

He said this would also be beneficial to enhance innovation and technology application in the halal industry that Malaysia already has succeeded in.

HDC CEO Hairol Ariffein Sahari said to date, Malaysia’s halal parks have attracted a cumulative total of RM16.28 billion in investments since 2011.

He said in 2021 alone, domestic direct investments into halal parks recorded an increase of RM95 million or 45.7 per cent, signalling that the local halal industry is still growing despite the many ongoing challenges.

-- BERNAMA