From food to cosmetics, Japan firms eye Malaysia’s halal industry
Japan’s Sumitomo Mitsui Banking Corp (SMBC) is looking to back a push by Japanese firms planning to invest in Malaysia’s Sharia-compliant halal market, an SMBC official said.
Japanese companies active in food, cosmetics, logistics, transportation and storage are keen to tap the Malaysian market in a drive to appeal to Muslim customers globally.
SMBC will also focus on property and project financing in Malaysia, particularly big-ticket items such as the high-speed rail project between Kuala Lumpur and Singapore.
Muslim-majority Malaysia aims to be a global halal hub by 2020, when the halal industry is expected to contribute 8.7 percent to the country’s GDP, according to government agency Halal Industry Development Corp.
The global halal market, which has already attracted global consumer and cosmetics giants like Unilever PLC and L‘Oreal SA, is currently estimated at $2.3 trillion, covering both food and non-food sectors, according to the agency.
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