KUALA LUMPUR: Halal Malaysia Industrial Parks, a Halal Malaysia initiative, has attracted more than RM16 billion of investments, with RM9.5 billion, or 59%, of them being foreign direct investments (FDI).

Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said in the 111th People's Financial Report (LKR 111) that 295 companies now operate in 22 halal industrial parks nationwide, including 42 multinational companies.

Halal Malaysia Industrial Parks is the largest halal hub in the world, covering 80,937.13 hectares in 14 strategic halal parks, which have received Halal Malaysia status (HALMAS) from the Halal Development Corporation (HDC).

The finance minister said Halal Parks offers world class facilities, skilled labour, ease of doing business, and access to halal ingredients, apart from other attractive government incentives.

"Malaysia has maintained its highest halal product ranking compared with 81 countries, based on Global Islamic Economy Indicator (GIEI) in the report 'State of the Global Islamic Economy 2022'.

"The assessment was done based on the digital economy initiative, development of halal infrastructure, and the government's enhanced focus towards food security and health," he added.

The GIEI also forecast that the global halal market will expand from RM8.8 trillion (US$2.09 trillion) as reported in 2021 to almost RM14 trillion (US$3.27 trillion) by 2028.

Under the 12th Malaysia Plan, the halal industry is expected to contribute 8.1 per cent to the country's gross domestic product (GDP) and generate RM56 billion in exports in 2025 compared to RM31 billion in 2020.

"The micro, small and medium enterprises (MSMEs) in the halal industry are not forgotten.

"Under Budget 2022, to produce more halal MSMEs that can compete in global markets, RM25 million have been allocated to the HDC for it to implement various programmes for them, including in the areas of digital branding and halal competitiveness," Tengku Zafrul said.

-- BERNAMA