Country Economic Work for Malaysia - Islamic Development Bank

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Figure 6.2. New Framework of the SMEs under 10 th Malaysia Plan and the New Economic Model Source: SME Corporation Malaysia (2011) Business Accelerator Programme (BAP) Enrichment & Enhancement Programme (E²) 1-Innovation Certification for Enterprise Rating & Transformation (1-InnoCERT) SME Competitiveness Rating for Enhancement (SCORE) The National Mark of Malaysian Brand Enterprise 50 Award Programme Malaysia-Japan Automotive Industries Cooperation (MAJAICO A-1) Brand Innovation Centre SME Expert Advisory Panel (SEAP) Skills Upgrading Programme SME University Programme Business Matching (iv) Promoting Halal Industry in IDB Member Countries 148. The Halal industry is emerging as one of the most lucrative and influential market arenas in the world with $2 trillion business opportunities. Food related health care and overall consumer demand have converged to push the Halal issue into the forefront of consumer awareness worldwide. In fact, the most important engine of growth of the Halal is a shift of perception. Halal food, for example, has been around for over fourteen hundred years, but it is only in recent decade, and particularly in multi-cultural societies, that the 67
labeling and branding of Halal products has developed. Obviously, Halal is no longer just a purely religious issue; it is becoming a global symbol for quality assurance and lifestyle choice. The global market for Halal goods and services is developing into a powerful force in the arena of world commerce and finance. Halal products and Islamic financial services represent a combined strength of over $2 trillion annually, and market monitoring indicates that the current strong growth trends can be expected to continue over the next five to ten years. 28 Countries across the globe, Muslim and non-Muslim alike, have boosted income from food exports by joining a growing consumer market force particularly Muslim and those who needs extra guarantees on food safety and quality products. 149. Malaysia has managed to secure a significant market share worldwide. There are 4,785 Halal certified companies (small scale, medium-scale and multinational companies) in Malaysia. The country’s Halal exports increased from MYR23.1 billion (3.6% of global Halal products) in 2010 to MYR35.4 billion (5.1% of global Halal products) in 2011 (Figure 6.3). Major share in Halal exports were of the SMEs (75% of all exporters). 29 Seeing the potential, even non-Muslim countries have started to take important steps to produce food and non-food in conformity with the standard. The Halal standard does not cover just food. It also has rules regarding the transporting, packaging, labeling and logistics of foods; preparation procedures are also analyzed to ensure their accordance with Halal standards, the Malaysian Certification Scheme for Hazard Analysis and Critical Control Point (HACCP) in food industries, Good Figure 6.3. Exports by Halal Certified Companies in Malaysia, 2010 and 2011 28 The Asian World Street Journal, 2005. 29 Presentation by the CEO, Halal Industry Development Corporation (2011), Malaysia, in IDB Headquarters, Jeddah, Saudi Arabia (24 April 2012) 68
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Acknowledgements Appreciation for s
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ISRA : International Shari’ah Res
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(v) Foreign Direct Investment……
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(2005)), key insights emerged in tw
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drain. Further, the Government need
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macroeconomic indicators are given
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SMEs are concentrated in the servic
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easy technology adoption, pro-busin
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Kelantan with the lowest per capita
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Figure 1.12. General Growth Diagnos
Page 25 and 26: that the Government’s Economic Tr
Page 27 and 28: (ii) Low Returns to Investments app
Page 29 and 30: Figure 1.22. Malaysia's Exports by
Page 31 and 32: 43. Malaysia’s private firms are
Page 33 and 34: over the medium-term. Several initi
Page 35 and 36: growth software compared to its maj
Page 37 and 38: esearchers and technicians in R&D p
Page 39 and 40: 59. Malaysia can further enhance it
Page 41 and 42: Annex Table 1.2. Malaysia: MDGs Ach
Page 43 and 44: 64. The Malaysian experience has al
Page 45 and 46: economic growth. The ETP is expecte
Page 47 and 48: 77. According to the Global Competi
Page 49 and 50: development of infrastructure throu
Page 51 and 52: a. Northern Corridor Economic Regio
Page 53 and 54: The challenge is for financial inst
Page 55 and 56: Original Equipment Manufacturing (O
Page 57 and 58: Intensify formalisation to promote
Page 59 and 60: Sukuk market has experienced unprec
Page 61 and 62: For innovation to become an importa
Page 63 and 64: y the United States (MYR2.3 billion
Page 65 and 66: (vi) (vii) Sharing Eexperience and
Page 67 and 68: institutions as well as Islamic pro
Page 69 and 70: Liberal Foreign Exchange Administra
Page 71 and 72: Issues/Challenges Facing the Islami
Page 73 and 74: Funding from Government of Malaysia
Page 75: programmes in the country. Initiati
Page 79 and 80: to over 200 industrial estates or p
Page 81 and 82: member countries can be provided te
Page 83 and 84: Figure 6.5: MATRADE Business Strate
Page 85 and 86: offered by the 35 MTCP training ins
Page 87 and 88: case of the economies in transition
Page 89 and 90: Key Challenges Facing the MTCP
Page 91: iii. Conclusion 185. Above diagnost
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Country Economic Work for Malaysia - Islamic Development Bank

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