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Local halal players urged to tap into US$3 trillion global halal market

TheEdge Thu, Apr 04, 2019 11:35pm - 1 year ago

KUALA LUMPUR (April 4): Malaysian halal industry players should strengthen their efforts to tap into the US$3 trillion global halal market value, said Economic Affairs Deputy Minister Senator Dr Mohd Radzi Md Jidin.

He said with over 1.8 billion Muslims globally, Malaysia has a huge chance to capitalise on this market considering it has been recognised as the champion of the Global Islamic Economic Indicator by the Dubai Islamic Economy Development Centre in its Global Islamic Economy Report released in October 2018.

“However, in this crucial time of uncertainty, it will be more meaningful if Malaysia and all other ASEAN countries combined their strength collectively.

“With a combined gross domestic product (GDP) of US$2.77 trillion in 2017 and real GDP of 5.3 percent year-on-year, ASEAN has over 60 percent of the world’s Muslim population and can provide a greater market for Islamic economy,” he told reporters after delivering his speech at the closing ceremony of the 11th World Halal Conference (WHC) 2019 here, today.

Earlier, Halal Industry Development Corporation Sdn Bhd (HDC), Industry Development vice president Hanisofian Alias presented seven resolutions from the two-day conference.

These include establishing consistent global standardisation, certification and transparency; adopt halal as an avenue for economic development rather than strictly on religious term; and make halal as a sustainable way of living and doing business.

It also recommended the adoption of new technology and emerging trends in the digital world; allow greater government-to-government effort; establish comprehensive harmonisation of the supply chain; and tap into opportunities available in emerging halal sectors.

In a separate event, the WHC 2019 also witnessed the launch of Bungkus by Honestbee, a mobile application (app)-based food delivery service company committed to ensuring the halal status of products being delivered is uncompromised throughout the delivery process.

Bungkus by Honestbee is the first halal-certified food delivery service in Malaysia that only delivers from halal-certified merchants.

WHC, established since 2007, gathered some 1,200 participants from 50 countries this year with the theme ‘Fostering A Robust Halal Economy: Global Integration and Ethical Practice’.


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