16 deals worth over RM10bil inked at Islamic forum

KUCHING: Sixteen memoranda of understanding ( MoU) worth US$2.5bil (RM10.36bil) have been sealed at the 13th World Islamic Economic Forum (WIEF) here.

The MoUs, nine of which involve international organisations, are one of the largest in the history of WIEF.

The agreements were inked by companies and organisations in various sectors, including technology, halal food, energy, finance, education and youth development.

Prime Minister Datuk Seri Najib Tun Razak witnessed the exchange of all 16 MoUs during a ceremony at Borneo Convention Centre Kuching yesterday.

One MoU was between the Malaysia-Shaanxi Business Council and Shaanxi Halal Food Chamber of Commerce to develop halal-related business opportunities for Malaysian companies to China and vice-versa.

“This cooperation solidifies the appetite of companies in the halal space for cross-border collaboration.

“Malaysian companies are interested to do business in China due to the high demand for halal products and services like food products, cosmetics and skincare, pharmaceuticals and logistics,” said Malaysia-Shaanxi Business Council president Datuk Joseph Kow in a statement.

China’s halal market is valued at US$21bil (RM87bil) with an annual growth rate of 10%.

Shaanxi Halal Food Chamber of Commerce president Tie Qun Ping welcomed the opportunity to work with halal-based Malaysian companies because halal products in Malaysia are highly reputable due to their globally-recognised certification.

Another MoU was between Felcra Bhd and Algaetech International Sdn Bhd to jointly conduct research and development on waste water remediation using algae technology, develop a business plan for large-scale production of algae and develop Felcra’s existing products into value-added products using algae anti-oxidants and nutrients.

Both parties will also look into developing an algae park and ecolodge, as well as additives and feed for aquaculture and poultry.