M'sia Well-Positioned To Become Global Halal Hub

KUALA LUMPUR, April 4 (Bernama) -- Malaysia is well-positioned to become a global halal hub by 2020 given the global acceptance of Malaysia's halal certification, increasing recognition of its halal food and consumable products and its global leadership in Islamic banking finance industry. "We are on the right platform and we would like to believe we are there already in terms of concept, products, ideas, instruments and certification. "The biggest challenge is global standards," International Trade and Industry Minister Mustapa Mohamad told reporters after launching Malaysia Halal Week 2012. The events encompasses the International Halal Showcase, the World Halal Research Summit 2012 and the World Halal Forum. Earlier in his speech, Mustapa said it was important to inspire halal innovation and research, particularly in exploring the possibilities of developing new and alternative products for the industry. He also said the local Islamic finance industry was completely capable of supporting the funding needs of the halal industry. There are 4,758 halal-certified companies in the country with some 700 actively exporting Malaysian-made goods and services. "Their export value last year was RM35 billion, a figure that excludes crude palm oil, and represents five per cent of our total export volume of RM694 billion," he said. Mustapa also said given the rapid growth rate of halal products and services, it was important to have institutions and practices that can properly guide the development of the halal industry. -- BERNAMA