Utilise Muslim-Related International Events For Trade & Investments

KUALA LUMPUR, March 5 (Bernama) -- Malaysian businesses and agencies should support and participate in international-level Muslim events in order not to miss out on golden opportunities to increase the country's trade and investment. In making the call, Deputy Minister of International Trade and Industry Ir Hamim Samuri said events like the Muslim World Biz, were heading in the right direction in turning Malaysia into the business and investment hub of the region. He said Malaysia, being a Muslim-majority country, with an ideal geographical location, sound political and economic environment, has the advantage of being the preferred destination for trade, investment, exhibition and conferences. "I encourage various industry sectors to network and create new joint ventures in order to increase Malaysia's intra-trade not only among Muslim countries, but among all countries," he said at the soft launch of the 6th Muslim World Biz 2015 here Thursday. Hamim said Islamic countries, with a population of 1.7 billion, worldwide, and a combined Gross Development Value of US$2.0 trillion (RM7.29 trillion), had the potential to become a major global economic power. He noted that the halal sector, which covered food and non-food products, offered a huge potential but remained untapped. The total value of the global halal market was estimated at US$2.3 trillion (RM8.38 trillion) a year. In the halal food sector alone, the market value was projected at US$610 billion (RM2.22 trillion), annually. "The potential for growth and expansion is huge and not only existing in Muslim nations but also in Western markets where there is a growing Muslim population, among whom, halal observance is on the rise. Non-Muslims are also seeking for quality, safe and wholesomeness in the food and products they consume. "Many countries are now looking at halal as an emerging market force and an important value proposition, capable of contributing towards the national economy," he added. The five-day Muslim World Biz 2015, to be held at Putra World Trade Centre, from Oct 26, will be officiated by Prime Minister Najib Razak. It will be organised by the OIC International Business Centre, in collaboration with the Malaysian government and Islamic Centre for Development of Trade, a subsidiary of the Organisation of Islamic Cooperation, Saudi Arabia. -- BERNAMA