Malaysia’s Halal Industry Development Corporation (HDC) is hoping to tempt investors from South Korea and Japan to develop new halal cosmetics lines, basing their operations in Malaysia, according to a report published by Bernama.
Known as the ‘gateway to the halal cosmetics market’, Malaysia’s halal industry has attracted RM10.6 billion of investment in the last year alone.
“Japanese and Koreans are two big players in the cosmetic and personal care industry,” HDC CEO Datuk Seri Jamil Bidin said at a press conference to launch Halal Cosmetics and Personal Care: In Trend Conference. “Considering the huge potential in the halal industry, I believe even the big players cannot ignore the Muslim market.”
Some 30 percent of Malaysia’s halal cosmetic and personal care products are exported to the UAE. Turkey, Singapore and the Philippines are also important markets, however, due to prevailing economic conditions, the export market is not expected to exhibit huge growth this year, remaining on or around the RM2.3 billion value reported for 2015.