The halal industry in Indonesia is bracing for significant growth, and with good reason. Finance Minister Sri Mulyani Indrawati, drawing from the Halal Market report, projects that the sector could infuse an additional US$5.1 million into the nation’s GDP annually.
Delivering her insights at the 7th Annual Islamic Finance Conference, streamed live via the Finance Ministry’s official YouTube channel on Tuesday, August 29, 2023, Sri Mulyani extolled the transformative impact of the halal economy on Indonesia’s trade and investment spheres. “The halal sector is carving out a substantial niche, offering lucrative export and investment opportunities,” she expressed.
Indonesia’s vantage point as the world’s largest Muslim-majority nation, housing roughly 230 million followers, solidifies its place as a dominant halal market. “Our demographic strength, coupled with the vast number of Muslim citizens, establishes Indonesia as a pivotal player in the halal economy’s global surge,” commented Sri Mulyani.
The international landscape is also mirroring Indonesia’s optimism. Around 1.9 billion Muslims globally splurged a whopping US$2 trillion on halal commodities in 2021, showcasing a growth of 9% from the preceding year.
The trajectory for the halal market remains promising. Forecasts suggest a 7.8% escalation in the global halal economy by 2025, potentially amassing a value of US$3 trillion. By 2030, this figure could catapult to an astounding US$4.96 trillion.
Fueling the global popularity of halal products is the burgeoning focus on health, hygiene, and principled production methods. Sri Mulyani opined, “Beyond fulfilling religious directives, halal products resonate with a universal audience due to their health-centric and ethical manufacturing ethos.”
In a strategic move to capitalize on this momentum, Jakarta is set to host the highly anticipated Halal Expo Indonesia 2023. This event is anticipated to showcase the nation’s prowess in the halal sector and foster partnerships, driving further economic advantages.
With such initiatives and global trends converging, Indonesia stands poised to harness the vast potential of the halal industry, marking a new era of economic prosperity.
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