Australia has chosen Malaysia as its hub for the manufacture of halal food products, allowing its companies to tap into a lucrative global market currently worth some $50 billion (€49bn).
An agreement was signed yesterday between the two countries which paves the way for Australian food manufacturers to set up joint ventures with Malaysian companies.
"The authorities in both countries agreed to work with the industry to use Malaysia as a hub to process halal products," said Minister of International Trade and Industry, Datuk Seri Rafidah Aziz.
Elaborating on the agreement, Rafidah said the food produced under this co-operation agreement would comply with internationally accepted standards in areas such as food safety and quality halal certification to meet the requirements of importing countries.
"This agreement provides the framework for the industry to tap into the global halal food business," she added.
Under the agreement, local companies and their counterparts from Down Under can collaborate on production and marketing, and it has been agreed that the products will carry the halal logo issued by Malaysia's Department of Islamic Development.