MIDA inks MoU with Cosmetic Valley France

KUALA LUMPUR: The Malaysian Investment Development Authority (MIDA) signed and exchanged a Memorandum of Understanding (MoU) with Cosmetic Valley France (CVF) during a mission to Paris.

In a statement, MIDA said the MoU reflects the shared ambition between both entities to develop a sustainable cosmetics and personal care industry cluster in Malaysia through the sharing of information, mutual promotional initiatives and R&D efforts particularly in the Halal segment.

Ultimately, this will contribute towards providing new and innovative products to the market and enhancing economic growth for both Malaysia and France.

Created in 1994, Cosmetic Valley became a “competitiveness cluster” in 2005.

Now, as the world’s leading centre of resources in cosmetics and perfumery, it is setting the standard in the world of cosmetics.

Signing the agreement, MIDA chief executive officer, Datuk Azman Mahmud said: “We are excited to work with CVF, a renowned point of reference for global cosmetics, to advance the development of this industry in Malaysia through various initiatives.

“This includes leveraging on promotional platforms such as Cosmetic 360, an international event which showcases creativity and innovation in the cosmetic industry supply chain, facilitating business matching sessions that allow local players to tap into the technical and regulatory knowhow of French companies.

“This is alongside supporting research & innovation as well as training efforts among all stakeholders through projects such as Cosmetopeia.

“By making Malaysia their cluster, global cosmetic companies can benefit from the availability of the necessary ingredients and increase cost efficiency due to the close proximity.”

Meanwhile, local industry players stand to benefit from the exchange of expertise and access to international platforms and initiatives by taking advantage of France’s position as a world leader in the cosmetic industry with a 14.8 per cent market share and home to major renowned brands. — Bernama