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The Ministry of Communications and Digital, in collaboration with the Malaysia Digital Economy Corporation (MDEC), hosted the 2023 Islamic Digital Economy (IDE) Industry Conference. This event aimed to promote cooperation and partnerships among key players within the sector of Islamic digital economy.
According to MDEC, IDE plays a vital role in ensuring an equitable distribution of wealth and resources, aligning with Malaysia’s MADANI vision. It is also one of the nine prioritized sectors under the national strategic initiative, Malaysia Digital (MD). This initiative aids MDEC in implementing a robust framework for the establishment of diverse Malaysia Digital Catalytic Programs (PEMANGKIN).
Malaysia has consistently maintained its leadership position in the Global Islamic Economy Indicator (GIEI) for the past nine years. This success is attributed to its thriving halal ecosystem, prominently led by the halal food-pharmaceutical-cosmetics, Muslim-friendly tourism, media, and recreational sectors. These sectors are anticipated to reach a global valuation of US$7.7 trillion (RM35.8 trillion) by 2025.
During the conference, MDEC introduced the MD Tasree` to invigorate industry participation, idea generation, promotion of groundbreaking innovations, and the commercialization of technological solutions. Fahmi Fadzil, the Minister of Communications and Digital, delivered the keynote address and expressed optimism that these efforts would lead to a sustainable avenue for MD PEMANGKIN.
Fahmi emphasized the significance of the halal food market, which is projected to increase in value to US$1.67 trillion (RM7.7 trillion) by 2025 from its 2021 value of US$1.27 trillion (RM5.9 trillion). Through the digitalization of the halal supply chain, championed by MDEC, Fahmi stated, “We aim to facilitate Malaysia’s halal exports to reach an estimated RM56 billion by 2025.”
Taking a step toward seizing this opportunity, Fahmi witnessed the signing of a Memorandum of Understanding (MoU) between MDEC and the Halal Development Corporation (HDC). This MoU aims to foster the development of halal digital technologies such as the Halal Assurance System and Halal Traceability.
MDEC noted that these endeavors will be intensified through the active involvement of MD status companies, facilitated by MDEC in collaboration with ecosystem partners.
