Malaysia and Indonesia boost trade, investment and halal sector cooperation
Malaysia and Indonesia have strengthened their trade, investment, and halal sector collaboration by signing agreements during Indonesian President Joko Widodo’s visit to Malaysia. Investment, Trade, and Industry Minister Tengku Zafrul Abdul Aziz and Indonesian Minister of Trade Zulkifli Hasan represented their respective countries in sealing the border trade agreement and memorandum of understanding on investment promotion cooperation.
The Department of Islamic Development Malaysia (Jakim) director-general Hakimah Mohd Yusoff and head of the Halal Product Assurance Agency Indonesia Muhammad Aqil Irham signed the mutual cooperation on recognition of halal certification for halal products. Furthermore, Malaysia’s Home Minister Saifuddin Nasution Ismail and Indonesia’s Home Affairs Minister Tito Karnavian signed the agreement on border crossing.
President Joko Widodo’s two-day working visit to Malaysia, at the invitation of Prime Minister Anwar Ibrahim, aims to further strengthen the longstanding and close relations between the two economies.
In 2022, Indonesia was Malaysia’s sixth-largest trading partner and second-largest among ASEAN member states, with a total trade of RM130.14 billion (US$29.55 billion). This marked a 36.5% increase compared to RM95.31 billion (US$22.98 billion) in 2021.
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