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378615
Fri, 08/28/2015 - 12:24
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Russia Invites Malaysian Firms To Tap Halal Market

KUALA LUMPUR, Aug 28 (Bernama) -- Russia has invited Malaysian companies to tap its market potential, particularly in the halal industry as there is growing demand for such products in the country. Linar Yakupov, President of the Regions-Russia Association said the country's halal market registered a 100 per cent growth in 2014. "We are keen to partner with Malaysian companies and those involved in the halal industry can enter into joint ventures to set up production and distribution centres in Russia," he told reporters after a media briefing and discussion on Malaysia's halal fast-moving consumer goods (FMCG) here, Friday. Russia has a Muslim population of more than 20 million. "There is huge demand from the Muslim community as well as non-Muslim population, and due to this we are keen to form partnerships with Malaysian companies to bring the products to our country," Yakupov added. Meanwhile, Malaysia External Trade Development Corporation Chief Executive Officer Dzulkifli Mahmud also urged local companies to be more daring and venture into the halal sector in Russia that promised better prospects in the future. "Such initiatives should be forthcoming from Malaysian businesses themselves as they are the ones that know their products best," he said. Dzulkifli said the halal industry was expected to contribute 5.8 per cent to Malaysia's gross domestic product this year. "With the current economic situation amid ringgit depreciation, finding new markets and exporting more products can help grow our total trade. "With the Russian Federation coming in, this could also be a platform to improve bilateral trade relationship between both countries," he added. He said Russia had been identified as the world's fastest growing importer of Malaysian halal products and services, and the nation ranked 18th as Malaysia's top export destination for halal products valued at US$92.01 million (RM385.05 million) in 2014, an increase of 34.2 per cent from a year earlier. Last year, Russia-Malaysia total trade amounted to US$2.8 billion, up 55.2 per cent from US$1.81 billion in 2013. --BERNAMA

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