Experts estimate that Malaysia’s halal industry contributed about 7 percent of the country’s GDP in 2020 and it is estimated that by 2030 the global halal market will reach RM20.92 trillion while the domestic market is expected to reach RM473.57 billion.
In line with the strategic intervention stipulated under the 12th Malaysia Plan (12MP) the Ministry of Entrepreneur Development and Cooperatives has identified a number of programs to enhance the capabilities of entrepreneurs and cooperatives in the halal industry.
The five main programs that have been introduced are the Halal Outreach Program for Entrepreneurs (HOPE), the Product Transformation Program, (PUTRA), the Halal Technology Transformation Program (HTTP), the Product Registration Incentive (PRINCE) and the Market Access Incentive (MASSIVE).
These programs are also in line with the National Entrepreneurship Policy 2030 in which the halal industry has been identified as one of the strategic sectors.
The other program is the Halal Industry Master Plan 2030 (HIMP 2030) as the sixth strategic thrust to produce more halal champions among local industry players and entrepreneurs.
SME Corporation has been appointed as one of the agencies to implement halal development programs in collaboration with other agencies such as the Department of Islamic Development Malaysia (Jakim) and the respective State Islamic Religious Departments.