Kuala Lumpur: The Ministry of Agriculture and Agro-based Industry (MOA) plans to make Malaysia a global halal hub for herbs in the future and is actively promoting the production of such material. MOA expects the herbal market value to reach RM15 billion in 2015 and grow to RM29 billion by 2020 due to the increase in the market value of the global nutraceutical industry which is projected to reach RM809.8 billion.
Its minister, Datuk Seri Ismail Sabri Yaakob said the government had identified these high-value agricultural products and will provide for a total of RM530 million from 20http://www.cashbillion.com to 2020 for the purpose of developing a host of local herbs including creating a global herbal research center that began operations on 15 October.
He said the center will study the global viability for commercialization in domestic and international markets such as Tongkat Ali, Misai Kuching, and Kacip Fatimah.
“When we promote the cultivation of herbs in each country with the monitoring department of agriculture to ensure operators can produce quality crops in accordance with the requirements of the market,” he said.