Malaysia's Halal Industry Set For Growth Under ASEAN Leadership, Budget 2025

MELAKA, Oct 29 (Bernama) -- The Ministry of Investment, Trade and Industry (MITI) is set to ensure that Malaysia’s halal industry and small and medium enterprises (SMEs) benefit from ASEAN’s trade and investment policies as Malaysia assumes the ASEAN chairmanship next year.

At the same time, the halal industry will also benefit from Budget 2025, announced recently by Prime Minister Datuk Seri Anwar Ibrahim, said MITI Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

Speaking at the World Halal Excellence Awards 2023 here tonight, which was officiated by Melaka Chief Minister Datuk Seri Ab Rauf Yusoh, he highlighted the RM20 million allocation to the Malaysia External Trade Development Corporation (MATRADE) to enhance the competitiveness of Malaysia’s halal products and services globally.

The enhancement of the MYeHALAL system to reduce processing time for halal certificates issuance to between 15 and 23 days from 30 days previously, as well as the centralisation of 20 government agencies and 100 international halal certification bodies under a single platform was also a welcomed move, he said.

“The merger of MATRADE and the Halal Development Corporation Bhd (HDC) is also a strategic move to consolidate development and trade promotion support for halal exporters, particularly SMEs, to enhance Malaysia's leadership and competitiveness in the global halal market. 

“Market access for Malaysia’s Halal products and services can also be further expanded through MATRADE’s strategic network of 49 trade offices globally,” said Tengku Zafrul.

He noted that the budget also provides a robust financing framework for SMEs in the halal sector, including RM1 billion in guarantees through the government guarantee schemes and various facilities under SME Bank and the Bumiputra Economic Transformation Plan 2035.

“I am confident that all these policy measures will elevate the standards of excellence, efficiency, and productivity within the Halal industry so that they can diversify and gain a competitive edge in the international arena. 

“A stronger Halal industry and export sector will also support local SMEs, creating more job opportunities for the locals,” he said.

-- BERNAMA