Developer Regal International Group will develop a halal industry zone within the China-Malaysia Qinzhou Industrial Park (CMQIP).
The Singapore-listed real estate company said yesterday that its subsidiary Million Sunray will work with the park administrators to build various centres for halal certification and review, research and development and exhibitions.
It will also build a halal food processing production line, logistics and warehouse areas.
The agreement has granted Million Sunray a non-retractable period of 12 months and the sole rights to develop the zone.
Mr Dominic Su, executive chairman and chief executive of Regal International Group, said: "As a developer, we see tremendous opportunities for CMQIP to enable businesses from China and Malaysia to collaborate and tap into the global halal market." He said Sarawak-based Regal will have an advantage over native Chinese developers as it can leverage on Malaysia's widely recognised and accepted accreditation in halal certification to provide a "unique platform for aspiring businesses to penetrate into this fast-growing global market".
"We will begin promoting the zone internationally and invite businesses interested to endorse their products with halal certification to set up operations (there)," he added.
The global halal food market is estimated to reach US$1.6 trillion (S$2.18 trillion) by 2018 with the number of Muslims projected to grow from about 1.6 billion in 2010 to nearly 2.8 billion in 2050, said the Sarawak-based company.
It added that Muslim population growth is twice as fast as that of the overall global population.
The CMQIP is the first industrial park jointly established by the Chinese and Malaysian governments.