Australian food companies are set to benefit from an expanded relationship between Malaysia’s halal industry and Austrade.
A Memorandum of Understanding (MoU) signed by Austrade and Malaysia’s Halal Development Corporation (HDC) will open the way for prominent access to Australian halal exporters to access Malaysia’s growing halal market.
The Malaysian government is committed to developing the country as a leading halal industry and manufacturing hub. This puts Australia at a big advantage to supply raw materials to both manufacturing and foodservice industries, according to Austrade.
In 2020, Australian exports of goods and services to Malaysia were estimated at approximately $10 billion. By 2030, the global halal market is projected to increase from $4 trillion to $7 trillion.
Paul Sanda, Austrade senior trade and investment commissioner to Malaysia & Brunei, said the MoU with the bodies will open ‘commercial pathways’ for Australian exporters.
“Australia’s world-class food security frameworks and supply chain integrity are integral to supporting these initiatives. Working with Malaysian businesses will help to unlock other opportunities within Asean and with other markets across the globe.”
Hairol Ariffein, HDC CEO, said the agreement will also include broader trade imperatives, exchange of market intelligence and know-how.
“This collaboration supports the broader future scope of economic cooperation between the halal ecosystem business communities in both Malaysia and Australia.”
Sanjay Boothalingam, Department of Agriculture, Water and Environment (DAWE) counsellor for agriculture, Malaysia and Brunei, said the trade agreement will benefit the economies of both countries.
The agreement will also create more opportunities for collaboration in marketing, education and training for businesses. The MoU also supports the Australian government’s Agribusiness Expansion Initiative (ABEI) to achieve sustainable growth and resilience in the country’s agribusiness export sector.
