The Taiwan External Trade Development Council stated in a press release that a trade mission recently landed in Malaysia. Since the New Southbound Policy was implemented in 2016, trade flows between Malaysia and Taiwan have greatly accelerated, making the majority-Muslim nation a major trading partner and export destination.
So far, more than 20 Taiwanese companies have sought international business opportunities in Malaysia. These companies aim to connect with related Malaysian industries through mutually beneficial trade and investment deals, further cementing economic ties between countries. Taiwan is now Malaysia’s fifth largest trading partner, 12th largest exporter, and fourth largest source of imports.
James Chang (章遠智), Economic Division Director of the Taipei Economic and Cultural Office in Malaysia, said that Malaysia’s domestic economy is growing in its own right. The impact of the pandemic has largely subsided, allowing the labor market to stabilize and the tourism industry to recover. He emphasized that Malaysia’s halal market is expected to grow to US$5 trillion by 2030. In order to penetrate this valuable market, Taiwanese companies must obtain halal certification.
Taiwanese businesses that visited Malaysia include snack food companies, beauty and cosmetic companies, hardware manufacturers, and several others. According to a recent article by the Global Taiwan Institute, as of 2023, over 1,000 Taiwanese companies have already been certified halal by Malaysia’s Department of Islamic Development.