Business officials from Brunei, Indonesia, Malaysia and the Philippines on Tuesday vowed stronger economic cooperation on boosting and promoting the halal industry in the region.

This comes as a memorandum of cooperation (MOC) for the development of investments and the Halal industry was inked and under the agreement, the countries will cooperate in promoting productive interaction among their business sectors, expand the flow of goods and services and generate more investments within the sub-region, especially in the halal industry.

Countries involved will also be sharing and exchanging appropriate information, such as on market trends and economic and business-related policies; jointly conducting relevant activities such as conferences and business-matching; and organizing outbound or inbound trade and investment missions.

Philippine Chamber of Commerce and Industry (PCCI) president Consul Enunina Mangio stressed that expanding trade and industry collaboration is pivotal in establishing a more integrated and competitive Brunei, Indonesia, Malaysia, and the Philippines East ASEAN Growth Area (BIMP-EAGA).

“By working together, we can tap into each other’s strengths, complement our industries, and create value chains that not only serve our substantial domestic markets but also position our region as a formidable player in the global economy,” Mangio said during a BIMP EAGA Conference in Manila.

“In this context, we believe that halal is a key area where our cultural and economic commonalities offer unique opportunities for partnership and innovation,” she added.