The Malaysian Investment Development Authority (MIDA) signed and exchanged a Memorandum of Understanding (MoU) with Cosmetic Valley France (CVF) during a mission to Paris.<\/p>\n
In a statement, MIDA said the MoU reflects the shared ambition between both entities to develop a sustainable cosmetics and personal care industry cluster in Malaysia through the sharing of information, mutual promotional initiatives and R&D efforts particularly in the Halal segment.<\/p>\n
Ultimately, this will contribute towards providing new and innovative products to the market and enhancing economic growth for both Malaysia and France.<\/p>\n
Created in 1994, Cosmetic Valley became a \u201ccompetitiveness cluster\u201d in 2005.<\/p>\n
Now, as the world\u2019s leading centre of resources in cosmetics and perfumery, it is setting the standard in the world of cosmetics.\u00a0\u00a0<\/p>\n
Signing the agreement, MIDA Chief Executive Officer, Datuk Azman Mahmud said: \u201cWe 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.<\/p>\n
\u201cThis includes leveraging on promotional platforms such as Cosmetic 360, an international event which showcases creativity and innovation in the cosmetic industry supply chain, facilitating business matching sessions that allow local players to tap into the technical and regulatory know-how of French companies.<\/p>\n
\u201cThis is alongside supporting research\u00a0 and\u00a0 innovation as well as training efforts among all stakeholders through projects such as Cosmetopeia.<\/p>\n
\u201cBy 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.\u201d\u00a0<\/p>\n
Meanwhile, local industry players stand to benefit from the exchange of expertise and access to international platforms and initiatives by taking advantage of France\u2019s position as a world leader in the cosmetic industry with a 14.8% market share and home to major renowned brands.<\/p>\n
\u201cThere is much our local players can learn from, as a lot of their success is attributed to the large investments made in R&D.<\/p>\n
\u201cIn fact, most global cosmetic companies spend between 1.5% and 4.5% of their annual turnover (sales) on R&D and there are about 6,000 patents filed by the European cosmetics and personal care industry. We hope to see this success emulated in Malaysia,\u201d said Azman.<\/p>\n
Foreign companies have been leveraging on Malaysia\u2019s comprehensive halal ecosystem developed over the years.<\/p>\n
Encompassing a wide spectrum of activities going beyond food production, Malaysian halal products including cosmetics and toiletries, have carved a niche globally for quality.<\/p>\n
This is further reinforced by today\u2019s collaboration between MIDA and CVF.<\/p>\n
\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
The Malaysian Investment Development Authority (MIDA) signed and exchanged a Memorandum of Understanding (MoU) with Cosmetic Valley France (CVF) during a mission to Paris. In a statement, MIDA said the MoU reflects the shared ambition between both entities to develop a sustainable cosmetics and personal care industry cluster in Malaysia through the sharing of information, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[],"class_list":["post-1693","post","type-post","status-publish","format-standard","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/1693","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/comments?post=1693"}],"version-history":[{"count":1,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/1693\/revisions"}],"predecessor-version":[{"id":4755,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/1693\/revisions\/4755"}],"wp:attachment":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/media?parent=1693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/categories?post=1693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/tags?post=1693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}