S Korea, Brunei businesswomen partner up totap lucrative global halal market

The South Korea business delegation iseager to leverage on Brunei's halal expertise

Lee Hae Yong (L), chair of Korea VentureBusiness Women's Association and Datin Paduka Hjh Rokiah (R), president ofBrunei's Women Business Council during an MoU signing on Nov 13, 2018. Photo:Wardi Wasil/The Scoop

BRUNEI-MUARA ? Women-led companies fromSouth Korea have engaged Brunei’s Women Business Council (WBC) in hopes to pairits expertise with the sultanate’s know-how in halal food and tap into theglobal market.

The Korea Venture Business Women’sAssociation Daegu Gyeongbuk (KAVWADG) inked a memorandum of understanding withthe WBC on Tuesday agreeing to share expertise and resources from both parties,particularly in the use of technology for halal food production.

“Now Korea is looking into the potential ofthe halal food industry, we recognise its value and [through thiscollaboration] we want to create [a greater] awareness on halal products inKorea,” said Lee Hae Yong, chairman of the association.

She added that although the market forhalal food products in Korea may be small, with Muslims representing only 0.4per cent of the country’s population, the international market for halal foodproducts is vast, resulting in the rising interest from Korean companies toenter this sector of the food industry.

Last year, the global halal food marketreached a value of US$ 1.4 trillion and the value is expected to increase toUS$2.6 trillion by 2023.

“We have the technological expertise andBrunei has knowledge [in producing halal food products], so combined, we cantake the products to the global market together,” added Lee in an interviewwith media on the sidelines of the event.

President of WBC, Datin Paduka Hjh RokiahHj Zakiah said that the agreement is a welcome development, that may helpprogress the state of halal food production in the country.

“To get to the next level [in the halal foodindustry] we need their help, and with the technological resources that theyhave, that they are willing to share, we can do more [in terms of halal foodproduction],” she said.

In 2016, Brunei’s halal industry earned $88million in revenue.

Lee, who is also the CEO of Hansung Bravo,a company that manufactures automated car washing machines, went on to say thatthey are looking into invest in the country, with hopes that the signedagreement would allow her to secure a local partner.

She said that with the increasing growth ofprivate car ownership in Brunei, it is “encouraging” as it may reflect apotential demand for her business in the sultanate.

According to a 2016 report published by theOxford Business Group, private car ownership in Brunei Darussalam grew by 19per cent between 2011 and 2014.

Based on 2017 statistics published by theLand Transport Department, the total number of vehicles registered in thecountry stands at 408, 969, compared to the country’s13,  population of 425,000.

Link->https://thescoop.co/2018/11/13/s-korea-brunei-businesswomen-partner-halal-market/