Malaysia sees prospects to establish cooperation with Canada in halal sector
10-23-2024
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KUALA LUMPUR: Malaysia sees prospects to introduce cooperation with Canada in the halal sector, said Minister of Investment, Trade and Industry (MITI) Tengku Datuk Seri Zafrul Abdul Aziz.
With over 1.15 million Muslim residents in Canada, the demand for halal products is on the rise, he stated in an Instagram post today.
Tengku Zafrul noted that the Canadian halal market, valued at C$1 billion (C$1=RM3.131), offers significant potential for Malaysian producers, particularly in food and beverage products.
“Malaysia can play an important role in meeting the needs of this market through strategic cooperation and increased investment in the halal industry, thus strengthening Malaysia’s position in this global industry,” he added.
Tengku Zafrul was also present during the meeting between Prime Minister Datuk Seri Anwar Ibrahim and his Canadian counterpart, Justin Trudeau, on the margins of the Association of Southeast Asian Nations (ASEAN) Summit in Laos yesterday.
During the meeting, Anwar emphasised the desire to strengthen cooperation in the economic sector.
Economic cooperation between Malaysia and Canada is increasingly robust, with total bilateral trade reaching RM8.05 billion as of August 2024, an increase of 41 per cent compared to the previous year.
Tengku Zafrul mentioned that after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), bilateral trade between the countries increased by 25 per cent, opening duty-free access for trade in goods.
This increase is driven by a 68.1 per cent rise in Malaysia’s exports to Canada and a 16.8 per cent rise in imports from Canada.
Sectors such as clean technology, agriculture, and aerospace continue to be major contributors, he noted.
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