KUALA LUMPUR (March 13): The Halal Industry Development Corporation (HDC) has signed a Memorandum of Understanding (MoU) with the Korea Trade-Investment Promotion Agency (KOTRA) with the strategic aim of enhancing halal bilateral trade and investment exchanges, as well as market access for halal products and services, between both countries.

HDC industry development vice-president Hanisofian Alias said the export performance of the halal sector to South Korea has increased in tandem with the growing demand for halal products, coupled with rising halal awareness.

"The market is huge and this is a good opportunity for Malaysian players to expand their markets beyond Malaysian borders,” he said in a statement today.

The MoU was signed by Hanisofian on behalf of HDC, an agency under the Ministry of Economic Affairs, and KOTRA chief executive officer and president Kwon Pyung Oh. It was witnessed by Prime Minister Tun Dr Mahathir Mohamad.

Hanisofian said South Korean cosmetics industry has a huge potential in the halal cosmetics market as many Korean brands have started to notice its potential.

"They are now conducting more studies and test procedures for halal standards for future expansion abroad, and Malaysia can be the ideal springboard for these companies to access regional and international markets," he said.

Malaysia’s halal export to South Korea, which rose 6.25 per cent  to RM1.36 billion in 2017 from RM1.28 billion in 2016, is expected to increase further.