Malaysia's Investment, Trade and Industry Minister Zafrul Abdul Aziz (Photo: Bernama)Kuala Lumpur (VNA) - Malaysia should harness thecollective expertise and resources to drive sustainable growth and developmentof the halal industry, according to Minister of Investment, Trade andIndustry Zafrul Abdul Aziz.
He made the suggestion in his speech which was read by Malaysia’sambassador to Saudi Arabia Wan Zaidi Wan Abdullah at the Halal EconomyLeadership Forum 2024 (HELF 2024) held in Riyadh from April 28-30.
Zafrul said that Malaysia committed to support initiatives that promote trade facilitation, industry development, and market access for halalproducts and services.
The Southeast Asian nation is dedicated to fostering closercollaboration with its partners in Saudi Arabia and other key stakeholders tocapitalise on the vast potential of the halal economy and create a more inclusive,equitable, and prosperous future for all, he continued.
As a leader in both Islamic finance and the broader Islamiceconomy, Malaysia stands at the forefront of this burgeoning industry.
The growth of the halal sector is driven not only by theglobal Muslim population but also by factors such as added value, hygiene andauthenticity which have positioned Malaysian halal products highly and madethem the preferred choice for non-Muslim consumers, the minister was quoted byBernama news agency as saying.
Malaysia launched its Halal Industry Master Plan 2030 (HIMP2030) last year, expecting the halal industry to reach 113.2 billion USD by20230 and contribute 8.1% to the GDP by 2025.
Malaysia’s halal exports continued growing in 2022, by 63.8%year-on-year to 59.46 billion RM (13.4 billion USD). Food and beverages remained the main contributors to thecountry’s halal economy with 27.84 billion RM in export value, equivalent to46.8% of total halal exports. They were followed by halal ingredients, thecosmetics and personal care sector, palm oil derivatives, and the industrialchemical sector./.
