The Malaysia External Trade Development Corporation (MATRADE) would be merging with the Halal Development Corporation (HDC) to form a stronger and more cohesive halal trade and industry ecosystem.
In a statement, the Investment, Trade and Industry Ministry (MITI) said a pro-tem committee for the strategic merger has been established to align resources and operational frameworks while ensuring that any consolidation of functions and jobs will be equitably managed.
“The merger is targeted towards enhancing Malaysia’s leadership and competitiveness in the global halal market, which is projected to reach US$5 trillion by 2030.
“The merger will see MATRADE’s export capabilities being complemented by HDC’s industry-specific knowledge while expanding the market access for Malaysia’s halal products and services through MATRADE’s strategic network of 49 trade offices globally,” MITI said, adding that a stronger halal industry and export sector will also support the local small and medium enterprises, creating more job opportunities for the locals.
MITI said as this merger is anchored in complementing the strengths of two entities, all existing employees will be maintained, while the HDC brand equity will be retained and enhanced.
“Most importantly, this complementarity will facilitate resource optimisation and better productivity through the leveraging of synergies across the entire industry and export value chain,” the ministry said, adding that the merge would prepare Malaysia for a more strategic halal proposition as the nation prepares to fully leverage on Malaysia’s Chairmanship of ASEAN in 2025 to attract the right investments and expand Malaysia’s exports in Asia, as well as in key ASEAN partner countries.
MITI, MATRADE and HDC will continue the whole-of-government and systematic development approach in strengthening the Malaysian halal industry, by engaging other key stakeholders, notably the Department of Islamic Development Malaysia, which is responsible for the certification of halal Malaysian products and services.
Moving forward, MITI remains confident that the merger of MATRADE and HDC will create a stronger and more resilient halal trade and industry ecosystem that promises enhanced support for businesses, greater international recognition of Malaysia’s halal leadership and a more competitive national economy.