Globalisation trends and progress in commercialisation increase the demand for halal products and services among consumers from all walks of life, Malaysian PM Ismail Sabir Yaakob says.
A total of 295 companies, 42 of which are multinational, are currently operating in 22 Halal Parks throughout Malaysia.
(Reuters Archive)
Halal products appeal to all consumers regardless of race and religion, as it is related to quality assurance, environmental conservation, data integrity and transparency as well as sustainable business practices, Malaysian premier has said.
Speaking at the official opening ceremony of an international halal showcase event in Kuala Lumpur on Thursday, Ismail Sabir Yaakob said: “The concept of halal is proven to be universal that is accessible by all.”
Globalisation trends and progress in commercialisation increase the demand for halal products and services among consumers from all walks of life, he noted.
“Halal is not exclusive to the preparation of food and beverages, as it can also be applied in various industries and services sectors.”
He went on to say that there is an increase in demand for Halal products by the international community as well as an increase in the e-commerce sector, driven by digitalisation.
The halal industry is one of the fast-growing markets in the world as products and services in the sector is also gaining momentum among non-Muslim consumers worldwide.
The Global Islamic Economy Indicator predicted that the worldwide halal market will grow from $2.09 trillion last year to almost $3.27 trillion by 2028. And Malaysia is the leading country in this field.
Underlining the ongoing disruption of production and delays in deliveries driven by geopolitical conflicts and travel restrictions, Yaakob said: “Transformation and versatility in the Halal industry allow trade to become more competitive and subsequently help in economic recovery.”
Business operations need to be executed using the latest methods and approaches, he said and added: “This is mandatory and no longer an option.”
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Halal Parks
He also touched upon Halal Parks, specialised economic zones for manufacturing Halal products for both local and international markets in order to make Malaysia a global halal production hub.
“To date, the Halal Parks have attracted a cumulative investment of more than MR16 billion ($2.1 billion), of which 59 percent is foreign direct investment,” according to the Malaysian premier.
A total of 295 companies, 42 of which are multinational, are currently operating in 22 Halal Parks throughout the country.
The 18th Malaysia International Halal Showcase (MIHAS) began on Wednesday at the Malaysia International Trade and Exhibition Centre and is poised to be a networking powerhouse for international and local businesses.
Considered one of the most prominent and longest-running halal trade events in the world, MIHAS is expected to achieve $423 million in trade during the three-day event.
The expo, organised by the Malaysian External Trade Development Corporation, draws participants from local and international buyers, entrepreneurs, retailers, brands, media, researchers and industry influencers.
It has attracted nearly 400 companies from across the globe through conventional and virtual exhibition formats.
This year, it features 13 clusters, including food, pharmaceuticals, e-commerce, media and recreation, Islamic finance, modest fashion, personal care and cosmetics, Muslim-friendly tourism and Islamic arts and culture.
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Source: AA
