KUALA LUMPUR, May 17 (Bernama) — The Halal Development Corporation Bhd (HDC) and the Korea Trade-Investment Promotion Agency (KOTRA) have inked a Memorandum of Understanding (MoU) to strengthen bilateral relations in the halal industry.

The MoU will help boost trade and investment activities as well as expand the market access for the halal industry players in both countries, HDC said in a statement today.

It added that the signing ceremony held here today was in conjunction with KOTRA president and chief executive officer Yu Jeoung Yeol’s visit to Malaysia.

HDC was represented by chief executive officer Hairol Ariffein Sahari, it said, adding that the MoU was a continuation of the first MoU signed in 2019.

The MoU outlines Malaysia’s commitment to cooperating with other countries in exploring and growing the potential of businesses catering to the growing global halal market, which is forecasted to be worth US$5 trillion by 2030.

South Korea is Malaysia’s tenth largest trading partner in the halal industry, as Malaysia’s halal exports to the republic between 2018 and 2022 stood at a total of RM7.24 billion.

In 2022, Malaysia’s halal export value to South Korea rose to RM2.13 billion from RM1.23 billion in 2021, with halal ingredients continuing to dominate sales at RM1.19 billion, followed by food and beverages (RM819 million) and cosmetics and personal care products (RM64.35 million).

From 2020 to 2022, HDC has been promoting Malaysian halal-certied products to South Korean buyers through a series of online business matchings with sales potential recorded at RM38 million.

“HDC participated in the Seoul Food and Hotel event in 2019, 2021 and 2022 to promote the Malaysia halal brand and halal-certied products physically, as such global platforms provide an opportunity for Malaysian exporters to penetrate the South Korean and neighbouring countries’ markets,” it said.

The HDC has also proposed transfer of knowledge and know-how initiatives in developing the halal ecosystem including consultancy, training programmes and digital market access to halal products and services.

Meanwhile, a series of online webinars will also benet South Korea’s Muslim-friendly hospitality services industry.

Currently, two halal certication bodies, namely the Korea Muslim Federation (KMF) and the Korea Halal Authority Corporation (KHA) in South Korea have been recognised by Malaysia’s Department of Islamic Development Malaysia (JAKIM).

Source : BERNAMA