According to the MoU, the two sides will cooperate in developing and introducing policies as well as an institutional infrastructure to the halal industry.
The Department of Economic Development, or DED, in Dubai and Malaysia’s Halal Industry Development Corporation, or HDC, have decided to jointly promote business and investment in their respective halal sectors and support halal companies on both sides to explore partnerships.
A memorandum of understanding was signed in Dubai by Sami Al Qamzi, director-general of the DED, and Jamil bin Bidin, chief executive of the HDC, during the 5th Exporters’ Forum recently hosted by Dubai Exports, the export promotion agency of the DED.
“The economic direction of Dubai and the global potential of the halal industry represent a sustainable growth formula. Dubai is determined to further leverage its hub status to add new economic sectors and position itself as the capital of Islamic economy,” Al Qamzi said in a statement on Saturday.
“With the diversity of economic activity and the presence of a sizeable SME population, Dubai has vast resources which we can utilise for the benefit of the local and global halal industry. Our partnership with the Halal Industry Development Corporation is part of our efforts to share knowledge and expertise with the pioneers and leaders in this sector,” he added.
According to the MoU, the two sides will cooperate in developing and introducing policies as well as an institutional infrastructure to the halal industry and also encourage their halal companies to engage in trade and investment partnerships. It has also been agreed to organise joint halal promotion activities and provide background checks on companies on both sides.
The HDC Chief Executive Jamil Bin Bidin said that co-operation between Malaysia and Dubai would be a game-changer in the evolution of the global halal industry as Malaysia is a strategic hub of Asia while Dubai enjoys a similar position in the MENA (Middle East and North Africa) region.
“Currently, there is little supply of halal products compared to the Muslim population in the world as few countries qualify as halal producers and the logistics are inadequate. There is a need to establish a global supply chain for halal products and the MoU between Dubai and Malaysia is an effort in this direction as it will create a hub-to-hub kind of relation,” aid Jamil.
Underlining the importance of the SME (small and medium enterprise) sector in the halal segment the memorandum states that Dubai and Malaysia will encourage SMEs to develop and grow a halal chain for all relevant industries.
HDC is a non-profit organisation tasked with the full responsibility to support and promote the halal national export from Malaysia and foreign direct investment in the sector. DED and HDC will form a Joint Management Committee to decide on the operational framework for the MoU and establish a schedule for implementing the initiatives agreed.
HDC will be having a booth at the Global Islamic Economy Summit, 25-26 November, Madinat Jumeirah, Dubai