KUALA LUMPUR – The development of the halal sector will continue to contribute significantly to Malaysia’s export performance in the future, said Deputy International Trade and Industry Minister Datuk Lim Ban Hong.
He said the growth of the global halal industry is expected to reach US$2.8 trillion (RM12.6 trillion) by 2025, with a compound growth rate of 7.5%.
“I am confident that the halal sector will continue to make an important contribution in improving Malaysia’s export performance to the rest of the world,” he said at the Mihas 2022 awards ceremony here today.
He added that his projection on the halal sector was based on the recently published “2022 State of the Global Islamic Economy Report: Unlocking Opportunity”, which stated that the global Muslim population spent US$2 trillion in 2021, up by 8.9% from 2020.
Lim said in 2021, the growth of the halal sector increased by 19% to RM36.3 billion compared with the previous year, which was as much as RM30.5 billion
He said the food and beverage segment still ranks first in terms of demand and export value, followed by the halal ingredient segment, followed by cosmetics and personal care.
Malaysia’s five main export market countries include large economies such as China, Singapore, Japan, the United States, and Indonesia, he said.
Lim also said Malaysia intends to make the “Halal Malaysia” brand a guarantee that products and services are supplied to all levels of society in and outside the country regardless of race and religion, are of good quality, and shariah-compliant.
“The Malaysian halal logo reflects that the products and services offered are guaranteed quality and safety, and have gone through a stringent halal management process,” he said. – Bernama, September 9, 2022
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