HDC targets RM41.6b revenue by 2025
KUALA LUMPUR: Halal Development Corp Bhd (HDC) aims to achieve RM40 billion in revenue from halal food services and RM1.6 billion from halal pharmaceuticals by 2025 via its Halal Sectoral Roadmap Implementation 2021.
Chief executive officer Hairol Ariffein Sahari said the halal economy had the potential to grow due to demand not only from the Organisation of Islamic Cooperation countries, but also from emerging countries.
He said the local halal food services sector would record a growth of 18 per cent compound annual growth rate (CAGR) and pharmaceuticals would achieve 4.2 per cent CAGR by 2025.
Food services were expected to record a revenue of a minimum of RM40 billion and pharmaceuticals a revenue of RM1.6 billion by 2025, he said, adding that these would see 112,000 people being employed, as well as a total export of RM440 million, and private investment at RM550 million for both sectors.
“I am confident that Malaysia will be a leading contributor to global consumers’ consumption of halal food and products,” he said at the virtual launch of the roadmap yesterday.
Under the roadmap, HDC has identified 11 sectors to grow, such as food services and pharmaceuticals, halal ingredients, halal medical tourism, halal cosmetics, halal logistics and halal modest fashion.
In developing an inclusive and holistic approach to expanding the industry, Hairol said the stakeholders of the private and public sector were engaged to get their input.
“In food services, six halal key result areas with seven initiatives and 17 interventions have been identified to address six issues surrounding the sector.
“In pharmaceuticals, four halal key result areas with six initiatives and 21 interventions have been identified to address five issues surrounding the sector.”
In conjunction with the event, a memorandum of understanding was signed between Hairol and chief statistician Datuk Seri Dr Mohd Uzir Mahidin on behalf of the Statistics Department for a collaboration on the production of Malaysia’s halal industry statistical data analysis and sharing.
It would be the first verified halal big data backed by the government to pave the way for more accurate economic indicators census for the industry, said Hairol.