Malaysia asserts pioneering role in halal industry

Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.

He made the suggestion in his speech which was read by Malaysia’s ambassador to Saudi Arabia Wan Zaidi Wan Abdullah at the Halal Economy Leadership 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 halal products and services.

The Southeast Asian nation is dedicated to fostering closer collaboration with its partners in Saudi Arabia and other key stakeholders to capitalise 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 Islamic economy, Malaysia stands at the forefront of this burgeoning industry.

The growth of the halal sector is driven not only by the global Muslim population but also by factors such as added value, hygiene and authenticity which have positioned Malaysian halal products highly and made them the preferred choice for non-Muslim consumers, the minister was quoted by Bernama news agency as saying.

Malaysia launched its Halal Industry Master Plan 2030 (HIMP 2030) last year, expecting the halal industry to reach 113.2 billion USD by 20230 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 the country’s halal economy with 27.84 billion RM in export value, equivalent to 46.8% of total halal exports. They were followed by halal ingredients, the cosmetics and personal care sector, palm oil derivatives, and the industrial chemical sector