PETALING JAYA, March 13 (Bernama) --  Halal Industry Development Corporation (HDC), an agency under Ministry of Economic Affair (MEA) today signed a Memorandum of Understanding (MoU) with Korea Trade-Investment Promotion Agency (KOTRA) with the strategic aim of increasing the Halal bilateral trade and investment exchanges as well as widening market access for Halal products and services between both countries.
 
KOTRA is a state-funded trade and investment promotion organization operated by the Republic of Korea. KOTRA’s roles are to facilitate Korea's export-led economic development through various trade promotion activities such as growing of new export companies; global corporation partnership business; creation of new future markets & new business areas; market research support for overseas investment and Infrastructure support to strengthen global competitiveness.
 
The MoU was signed by Hanisofian Alias, Vice President, Industry Development of HDC and Mr. Kwon Pyung Oh, CEO and President of KOTRA, witness by the YAB. Prime Minister of Malaysia, Tun Dr Mahathir Bin Mohamad on 13 March 2019.
 
Both parties agree to shoulder responsibilities in coordinating the implementation of collaboration activities in the MoU and to coordinate the needs and output towards achieving common goal for comprehensive ecosystem in the Halal industry development agenda, which includes standards, innovation and technology transfer.
 
“Malaysia’s Halal export to South Korea in 2017 was MYR1.36 billion, an increase of 6.25% compared to MYR1.28 billion in 2016. The export performance of the Halal sector to Korea has increased in tandem with the growing demand for Halal products, coupled with the increase in Halal awareness. The market is huge and this is a good opportunity for Malaysian players to expand market beyond Malaysian borders,” said Hanisofian Alias HDC’s Industry Development Vice President.
 
The cosmetics industry in South Korea has a huge potential in the Halal cosmetics market. Many Korean brand companies started to notice the lucrative halal cosmetics, as they are now conducting more studies and test procedures for Halal standard for future expansion abroad, and Malaysia can be the ideal springboard for the companies to access regional and international markets.
 
NEWS RELEASE prepared and issued by Halal Industry Development Corporation (HDC).


ABOUT HALAL INDUSTRY DEVELOPMENT CORPORATION SDN BHD (HDC)

Halal Means Business
 
The Halal Industry Development Corporation (HDC) was established on 18 September 2006 with the express objective of coordinating the overall development of the Halal industry in Malaysia for both the domestic and international markets. HDC is an agency under the Ministry of Economic Affair (MEA).
 
HDC is Malaysia's holistic response to the worldwide demand for better quality products and services as consumers gain confidence in the Halal process. Its key thrusts are to grow and advance the development of Halal standards; facilitate capacity- building for halal products and services; and promote growth and participation of Malaysian companies in the multi-trillion dollar global halal market and industry. Today, there is an estimated population of 1.8 billion Muslims worldwide. The global halal market is currently estimated at USD2.3 trillion covering both food and non-food sectors.
 
In its effort to serve as an international hub for the halal industry, HDC provides manufacturers, distributors, retailers, entrepreneurs, researchers and investors with comprehensive assistance to penetrate and serve a growing global halal market through the adoption of the Malaysian experience and expertise in food and non-food sectors. For more information, please visit HDC at - www.hdcglobal.com.

SOURCE : HALAL INDUSTRY DEVELOPMENT CORPORATION SDN BHD (HDC)

FOR MORE INFORMATION, PLEASE CONTACT:
HDC PR & Media
Name : Norsida Ahmad
Tel : +6012 3249703
Email : norsida.ahmad@hdcglobal.com 

--BERNAMA