ISKANDAR PUTERI: Johor hopes to see investors from Tatarstan, a republic of the Russian Federation, investing in the three promoted economic activities in the state.
State International Trade, Investment and Utilities Committee chairman Jimmy Puah Wee Tse said the promoted sectors were high-technology, high-value and halal investments.
“Halal is a big business, with the world’s Muslim community currently standing at 1.8 billion,” he said at the briefing in conjunction with a visit by Tatarstan President Rustam Minnikhanov to Johor.
Also present were Tatarstan Deputy Prime Minister and Information and Communications Minister Roman Shaikhutdinov, and Iskandar Regional Development Authority (Irda) chief executive officer Datuk Ismail Ibrahim.
Puah said the halal business was not only focusing on a certain country such as Malaysia but also the bigger market on the international level.
He said for instance there are 30 million Muslims in China while 87% of the 226.79 million people in Indonesia identified themselves as Muslims.
Thomson Reuters reported that the State of the Global Islamic Economy 2017-2018, which is defined as consisting products including finance, tourism, fashion, media, pharmaceuticals and cosmetics, was projected to reach US$3 trillion by 2021.
“At the same time, Johor is interested to learn a thing or two from Tatarstan, which is well known for its high-technology achievements,” said Puah.
Meanwhile, Ismail hoped Irda and Tatarstan could formalise economic cooperation following the visit from Minnikhanov that could benefit Johor and the republic.
He said both Iskandar Malaysia and Tatarstan shared similarities in term of economic development strategies under their respective comprehensive development plans.
“We have nine promoted sectors and our counterparts from Tatarstan have 10 sectors, which are also similar with us,” said Ismail.
He said the stark similarity was Irda’s mission to develop Iskandar Malaysia into an international metropolis by 2025 while Tatarstan is developing its capital Kazan into a metropolis by 2030.
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