MIDA and CVF sign MoU to support Malaysian cosmetics industry

The Malaysian Investment Development Authority (MIDA) has entered a memorandum of understanding (MoU) with Cosmetic Valley France (CVF) to make contributions to a sustainable cosmetics and personal care industry in Malaysia.

The MoU was signed during MIDA Mission to Paris, which was led by MIDA’s CEO Dato’ Azman Mahmud.

According to a release published by Malaysia’s national news service Bernama, the decision follows recent growth and rising demand for natural and organic products developed according to the Malaysian halal system.

Mahmud was quoted as saying: “We are excited to work with CVF, a renowned point of reference for global cosmetics, to advance the development of this industry in Malaysia through various initiatives.

“This includes leveraging on promotional platforms such as Cosmetic 360, an international event that showcases creativity and innovation in the cosmetic industry supply chain; facilitating business matching sessions that allow our local players to tap into the technical and regulatory know-how of French companies; and supporting research and innovation, as well as training efforts among all stakeholders through projects such as Cosmetopeia.

“By making Malaysia their cluster, global cosmetic companies can benefit from the availability of the necessary ingredients and increase cost efficiency due to the close proximity.”

As part of the MoU, both the parties will share information, mutual promotional initiatives and research and development (R&D) efforts with a primary focus on the Halal segment.