Azlan Othman
A Memorandum of Understanding (MoU) was signed to propel the development of the Halal economy in the Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) region with the primary focus on Halal products and certifications.
The MoU signing on Syariah Compliance Products Development and Trade between Brunei Darussalam BIMP-EAGA Business Council (BD-BEBC) and Taiwan External Trade Development Council (TAITRA) was held at the Taipei Economic and Cultural Office in Kampong Sungai Akar.
BD-BEBC Vice Chairman Captain (Rtd) Zailan bin Pehin Datu Kerma Setia Major (Rtd) Dato Seri Laila Jasa Mohd Don said the BD-BEBC strategic initiative is to promote the development of the BIMP-EAGA region as the main economic platform on moving towards the Halal economy.
BD-BEBC focusses on branding the BIMP-EAGA region as an International Halal Trade Hub on Syariah Compliance Value Stream and Trade services, and promote the ASEAN Economic Community (AEC) to develop as an industries and production base for the global Islamic market.
He said the potential growth of the Halal market is big as the world Muslim population is projected to increase to nearly three billion from 1.86 billion by 2060, according to the PEW Research Centre. With almost one billion Muslims in the Asia-Pacific region, it is becoming one of the largest potential markets for Halal products.
Although the number of companies seeking to participate in the Halal economy is growing, they lack the knowledge in Syariah compliance, he added. The implementation of the Syariah Law in Brunei Darussalam should provide an ideal platform for BIMP-EAGA in developing the Halal economy policy to progress development in industrial growth and provide facilitation to businesses participating in the Halal economy, which is expected to reach USD4 trillion in the Asia Pacific region.
The MoU has been endorsed by BIMP-EAGA Business Councils for BD-BEBC to play a leading role in developing BIMP-EAGA as one of the biggest special Halal economy zone.
Taipei Economic and Cultural Office representative Andrew H C Lee said the signing is a manifestation of the importance of Halal cooperation for both countries.
“It’s an encouraging and promising starting point leading us to a warm friendship, mutual benefits, market potential and business opportunity,” he said.
The MoU is also focussed on investment opportunities in the Halal economy with potential for joint ventures between Brunei Darussalam and Taiwan.