Halal Industry Among Key Growth Drivers In IMT-GT, BIMP-EAGA
KUALA LUMPUR, June 8 (Bernama) – The rapidly-growing halal industry is among nine sectors that can trigger high economic growth in the Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) and the Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA).
The other key sectors include sustainable agriculture and agribusiness; tourism; green and renewable energy (RE); the digital economy; transport and logistics; palm oil and downstream industries; and Islamic finance, according to International Islamic University Malaysia (IIUM) associate professor of economics, Dr Muhammad Irwan Ariffin.
The marine and fisheries industries are exclusive to the BIMP-EAGA sub-region, he noted.
He said the halal industry in both IMT-GT and BIMP-EAGA sub-regions holds strong global demand for halal food, cosmetics, finance and tourism. "It shares Islamic values across Malaysia, Indonesia, Brunei, southern Thailand and Mindanao, making it a strategic goal to develop IMT-GT as a global halal hub," he told Bernama.
Turning to the agricultural sector, Muhammad Irwan said the combination of vast arable land and a tropical climate drives strong demand for high-value crops, organic farming, agro-processing and agribusiness value chains, which are essential for supporting rural economies.
As for the digital economy, he said increasing internet access in rural areas across the sub-regions has driven the growth of e-commerce, fintech and digital skills development, alongside plans for smart cities and cross-border digital corridors.
"The sub-regions, which are known for their rich biodiversity, natural parks, and cultural heritage, are increasingly focusing on eco-tourism, halal tourism, and cross-border travel circuits, supported by strategic initiatives such as the Visit IMT-GT Year 2023–2025 campaign,' he continued. "In the Islamic finance sector, the large Muslim population and underserved rural communities present opportunities for inclusive growth through shariah-compliant financial services that support the development of small and medium enterprises (SMEs) across the regions."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
an hour ago
- Malay Mail
Hajiji launches Sabah shellfish project promising up to RM6,500 monthly income for rural communities
TUARAN, July 5 — The cockle industry has the potential to generate RM34.4 million annually based on an estimated landing of 3,240 tonnes per year and a 7.6-fold return on investment in Sabah, said Chief Minister Datuk Seri Hajiji Noor. In recognising this potential, the state government today launched the Sabah Shellfish Resource and Industry Development Project. Hajiji noted that the initiative will open up opportunities for local economic growth through shellfish products, as well as create new exports avenues via downstream activities such as canning, shellfish sambal, and other shellfish-based food products. 'For the private sector, this is the best time to invest in seafood processing, sustainable packaging, and building Sabah's export chain. This opportunity is not only profitable but also supports a sustainable future,' he said while officiating the project here today. Also present was the chief executive officer of the Sabah Economic Development and Investment Authority (SEDIA), Datuk Seri Hashim Paijan. Hajiji said this project is also in line with the state government's commitment to making the Blue Economy a key economic pillar for the people of Sabah, while underscoring the government's determination to explore marine and maritime resources to strengthen the state's position in the Blue Economy on the international stage. 'The Blue Economy not only aims to balance prosperity with sustainability, but by 2030, the global value of the blue economy is expected to reach US$3 trillion,' he said. He shared that the collaborative project between SEDIA, the Malaysian Fisheries Department, and the Sabah Fisheries Department is being carried out in two phases. 'The first phase, which has been completed, involved mapping studies and exploration of shellfish resources from October 2024 to May 2025 at potential sites, including Tuaran and Beluran, which served as pilot project sites. 'The second phase, scheduled to begin in 2026, will involve technology transfer and field implementation, with 77 farming lots identified, including 12 lots in Tuaran and 65 lots in Beluran, covering an area of 1,617 hectares,' he said. According to Hajiji, who is also the chairman of SEDIA, each lot will be managed by 10 heads of households, resulting in 770 main beneficiaries comprising fishery entrepreneurs, rural communities, and members of bottom 40 per cent (B40) income group. 'Even if only 40 per cent of the lots operate optimally, participants can still earn a monthly income of around RM4,800 to RM6,500. This means the involved communities will benefit from sustainable income through shellfish farming,' Hajiji said. He stressed that youth will also be trained in modern aquaculture, producing a new generation of Sabah marine entrepreneurs, as the project brings significant improvements to participants' lives and broader benefits to the environment and the state economy. Hajiji emphasised that Sabah will be developed as the ASEAN Blue Ocean Seafood Hub, on par with major producing states such as Perak, Penang, and Selangor. He added that the state government is fully committed to supporting this industry by providing continuous training and modern technology to project participants. — Bernama
Malay Mail
an hour ago
- Malay Mail
ECRL project hits 85pc milestone, Chief Secretary to Govt orders tight monitoring to avoid delays to 2027 launch
KUALA LUMPUR, July 5 — Malaysia Rail Link Sdn Bhd (MRL) has been instructed to closely monitor the implementation of the East Coast Rail Link (ECRL) project, which has now reached 85 per cent progress. This was conveyed by Chief Secretary to the Government (KSN) Tan Sri Shamsul Azri Abu Bakar during the 32nd MRL Board of Directors meeting, held in conjunction with its retreat, which began yesterday in Melaka. He said MRL was also tasked with ensuring that no disruptions, such as rail encroachments by irresponsible parties, occur, as these could affect the project's schedule and delay the commencement of operations, which is targeted for early 2027. 'I am confident that this ECRL project will become a landmark of national pride and a catalyst for economic revitalisation along its alignment and surrounding areas, directly benefiting the people and the nation. 'This is in line with the 'Kesejahteraan' (prosperity) element in the MADANI principle, which can only be realised through a whole-of-government and whole-of-nation approach via federal-state-private sector synergy,' he said in a Facebook post today. In another post, Shamsul Azri said the MRL retreat was important to focus on the direction and operational targets of the ECRL train journey. 'Many things are being planned by the MRL in collaboration with various parties to ensure an efficient rail operating ecosystem, as well as offering job opportunities to local children. 'In addition, this project will open up opportunities for business activities, spur economic growth and provide better connectivity between the West Coast and East Coast of Peninsular Malaysia,' he said. — Bernama
The Star
an hour ago
- The Star
Ringgit likely to trade range-bound ahead of Bank Negara's MPC meeting next week
KUALA LUMPUR: The ringgit is expected to trade range-bound against the greenback next week, as investors adopt a cautious approach ahead of Bank Negara Malaysia's (BNM) Monetary Policy Committee (MPC) meeting on July 9. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the local note is likely to stay steady, with market participants focusing on the central bank's upcoming decision. "The outcome of the meeting could shape the ringgit's near-term trajectory. We are calling for a 25 basis-point cut in the overnight policy rate (OPR), as the need for monetary support has grown given the increasingly challenging macroeconomic outlook for the second half of 2025,' he told Bernama. Mohd Afzanizam said subdued global demand, ongoing geopolitical tensions and signs of moderating domestic activity may lead the central bank to adopt a more accommodative stance. "In the absence of major external shocks, the ringgit is expected to trade within a narrow band of RM4.22 to RM4.23 against the greenback throughout the week,' he added. The ringgit ended the week higher against the greenback, closing at 4.2180/2260 from 4.2300/2355 last Friday. The local note traded mostly higher against a basket of major currencies. The ringgit appreciated vis-a-vis the Japanese yen to 2.9225/9282 from 2.9359/9399, and increased against the British pound to 5.7601/7710 from 5.8141/8217. However, it fell versus the euro to 4.9675/9770 from 4.9597/9661 at the end of last week. The ringgit also traded mostly higher against ASEAN currencies. The local note improved against the Singapore dollar to 3.3114/3182 from 3.3192/3240, enhanced versus the Indonesian rupiah to 260.6/261.2 from 260.9/261.4, while it weakened versus the Thai baht to 13.0302/0609 from 13.0254/0488, previously. It was unchanged against the Philippine peso at 7.47/7.49. - Bernama
