KUALA LUMPUR (AA) – The Malaysian premier has said that halal products — those permissible according to Islamic law — appeal to all consumers regardless of race and religion, as they guarantee quality, environmental conservation, data integrity and transparency as well as sustainable business practices.
Speaking at the official opening ceremony of an international halal showcase event in Kuala Lumpur, Ismail Sabir Yaakob said: “The concept of halal is proven to be universal- that is, accessible by all.”
Globalization trends and progress in commercialization 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 digitalization.
The halal industry is one of the fastest-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. Malaysia is the leading country in this field.
He also touched upon Halal Parks, specialized 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 MR 16 billion ($2.1 billion), of which 59% 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.
“Each of these Halal Parks offers world-class infrastructure facilities, skilled workforce, ease of doing business, access to Halal ingredients, as well as attractive incentives from the Malaysian government which consistently encourages Halal development.”
The 18th Malaysia International Halal Showcase (MIHAS) began on September 7 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, organized by the Malaysian External Trade Development Corporation, 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.