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The global halal market is set to grow at an exponential rate, driven by increasing demand from both Muslim as well as non-Muslim populations. Figures show that the global halal market size is expected to reach US$9.71 trillion by 2025, with countries such as Malaysia, set to lead the pack over the coming years. Malaysia is also undertaking various initiatives to cement its status as a global halal hub. However, there are still many challenges in the halal market in terms of a uniform halal certification, regulations, and other issues. BizHive Weekly takes an update on the industry:
“Malaysia’s halal certification, recognised at the global level, should be used to entice more local and foreign companies keen on capitalising on that advantage. Malaysia has been involved in the halal industry for a long time but was too focused on selling halal products without considering its expertise in the process of achieving the halal status. We cannot focus only on promoting halal food products as before. Instead, we need to be more aggressive to enlighten the industry players on the halal certification process, in which we possess recognised expertise.” Datuk Seri Mohd Redzuan Yusof, Minister of Entrepreneur Development
“Our halal exports stood at RM43 billion in 2017 and I am confident that we will be able to hit the RM50 billion mark by the end of 2020. Many non-Muslim countries have recognised the untapped potential in the halal market and are now racing to gain a footing, presenting a major business and export opportunity for us as Malaysia has always held the benchmark in halal production and certification.” Hanisofian Alias, Halal Industry Development Corporation (HDC) vicepresident of Industry Development
“Industry players of halal products cannot alienate themselves from what is rapidly happening around us – they must adapt, because the technology applies to everyone now and our role at HDC is to nurture and develop these companies to be ready for the global revolution. Companies must evolve to incorporate these new technologies into their business, deciding how they can use all the tools at their disposal today to develop their business, reduce cost, achieve higher revenue and to increase productivity.” Datuk Seri Jamil Bidin, former chief executive officer of HDC