Home Latest Govt Allocates RM100 Mln For Halal Technology Development Fund

Govt Allocates RM100 Mln For Halal Technology Development Fund

KUALA LUMPUR – The government has allocated RM100 million for the Halal Technology Development Fund in the quest to enhance the capacity of technology companies in providing halal products and services.

The fund, which was set up under the 11th Malaysia Plan (RMK-11), is being managed by the Malaysian Technology Development Corporation (MTDC).

MTDC Board member Tan Sri Abd Rahman Mamat said the fund was aimed at promoting and financing the long-term growth of export-oriented small and medium enterprises (SMEs) through syariah-compliant activities.

“We are focusing on several clusters such as food and beverages, cosmetics and personal care, pharmaceutical, ingredients and additives,” he told reporters at the launch of the fund here today.

During the event, MTDC disbursed loans amounted to RM17 million from the fund to five technology companies.

MTDC Chief Executive Officer Datuk Norhalim Yunus said the corporation planned to finance 30 technology companies to develop halal products for the domestic and international markets during the 11MP.

It also aims to get five of the companies to contribute RM50 million in export value this year, he said, adding that the government was also willing to increase the fund if it were to receive an encouraging response.

“Based on the growth and demand for halal products in the global market, companies that had benefitted from the fund have the potential to contribute to the gross domestic product,” he said. – BERNAMA