Halal industry offers ample opportunities for Malaysian goods and services
KUCHING: The halal industry touches all aspects of our lives as we now witness a gradual shift towards halal products and services – be it fashion, fragrance, cosmetics, personal care products or travel, tourism and hospitality.
The increasing demand for ethical, sustainable, environmentally- and sociallyresponsible goods and services are also a driving factor for the growth of the halal market and one of the main reasons for its growing acceptance by nonMuslim consumers.
This sentiment was shared by World Islamic Economic Forum (WIEF) Foundation who pointed out that the sector’s growth is now at eight per cent year-on-year (yo-y), with an estimated value of US$2.3 trillion, which is higher than the gross domestic product (GDP) of more than 200 countries in the world.
The halal food and beverage (F&B) industry alone is now worth US$1.4 trillion.
WIEF highlighted that the halal market prospects is now bolstered by improving population size and purchasing power.
For Malaysians, as a leading and well- known player in the global halal industry, Malaysian businesses and agencies are in the perfect position to jump on this growth.
Even though the halal industry is of interest for Muslim consumers, more non-Muslim countries such as China and Thailand are looking for the opportunity to export and improve their products in the halal industry.
WIEF Secretary General Tan Sri Ahmad Fuzi shared that Thailand is a big producer of halal food and there is a huge market in China as there are a lot of businesses that are establishing themselves there.
“There are a lot of opportunities in China as they are looking to establish infrastructures to facilitate this growth as well as opportunities to produce and export halal food products from China.
“The halal industry also goes beyond the food production industry as it can also involve the fashion, tourism, production of pharmaceutical products, and healthcare supplements,” he said.
The 13th WIEF, which will be held at the Borneo Convention Centre Kuching, Sarawak from November 21 to 23, 2017, would explore topics on the halal industry as well as discuss issues such as halal standards worldwide.
In terms of the halal tourism industry, Ahmad Fuzi pointed out that Malaysia is also one of the top destination in the industry as there are hotels here which comply to the standard.
As for the halal hub, Ahmad Fuzi hoped that the forum could help establish partnerships between Malaysian agencies and foreign agencies as there are countries that are looking to establish their own halal hubs and they have approached Malaysian agencies for assistance on this matter.
“We hope the forum will be able to allow business opportunities to expand amongst the participants, both Muslim and non- Muslim participants,” he said.
When asked on Sarawak’s move to develop its digital economy and how it could benefit the halal industry, Ahmad Fuzi viewed that the development of halal industry can be improved by technology.
“The development of new technology can speed up and simplify the development of the halal industry,”
“This is where the new entrepreneurs or young entrepreneurs can hop on this opportunity of growth but they still need some form support in order to move further in this industry,” he shared.
On this note, the forum can help provide a platform for both entrepreneurs and established businesses to grow the halal industry together.