Halal products demand witnessing rapid growth

abu dhabi — The ninth International Economic Summit between Russia and Organisation of Islamic Cooperation (OIC) member countries started on Friday in Kazan, Tatarstan, with the UAE represented by a senior delegation chaired by Dr Rashid bin Ahmed bin Fahad, Minister of State.

The summit, which concludes today, began with a session entitled ‘Halal Industry’, which addressed the growing international demand for halal products and services. In his speech, Dr Bin Fahad stated that the Islamic economic sector is among the fastest-developing sectors in the world and has become an integral part of the international economy, especially after the world financial crisis and the desire for safe investments and economic activities with the added value of social development, which are the foundations of the Islamic economic structure.

He clarified that the halal industry is one of the most important parts of this vital sector, as the international demand for halal products has witnessed rapid growth after reaching a value of more than $2.3 trillion in 2015, according to OIC reports. He added that the food and beverage industry has the largest share of this industry, dominating with 67 per cent of total trade in halal products with a value of $1.4 trillion. This number is expected to rise to around $1.6 trillion at the beginning of 2020.

He then highlighted the UAE’s leading experience in the field of the Islamic economy and the halal industry, while clarifying that the country has succeeded, under directives of its wise leadership, in establishing a healthy and integrated system for the Islamic economy. — Wam