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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