The Notion of Halal is Universal, Says Malaysia’s Premier

KUALA LUMPUR

On Thursday, the prime minister of Malaysia said that halal products are popular with consumers of all backgrounds. Because of some factors, they are concerned with issues such as quality control and, preservation of the environment. The remaining factors are the protection of personal information, flexibility in dealings, and ethical business practices.

At the opening ceremony of the global halal exhibition, Ismail Sabir Yaakob states that “The notion of halal is universal and accessible to all.

He observed that the demand for halal goods and services is growing as a result of globalization and industrialization.

“Halal is applicable across a wide range of industries and service providers. It is not limited to the food and beverage industry.”

He continued, “Thanks to the rise of digitization, the demand for Halal goods, is growing not only in the foreign community but also in the e-commerce sector.

The goods and services in the halal industry are gaining popularity with non-Muslim consumers all over the world, making it one of the fastest-growing markets in the world.

As reported by the Global Islamic Economy, the global halal market is expected to increase from $2.09 trillion in 2018 to roughly $3.27 trillion in 2028. Furthermore, Malaysia is the world’s foremost authority in this domain.

Yaakob remarked, “Transformation in the Halal business allows a trade to become more effective help in improving the economy.”

He continued, “This is obligatory; modern methods and approaches must be implemented in all business processes.”

Halal Parks

He also mentioned that Malaysia can become a global halal production hub.  Halal Parks are economic zones which dedicate to the manufacture of Halal goods for both domestic and international markets.

The premier of Malaysia claims that so far the Halal Parks have received a total investment of about MR16 billion ($2.1 billion), 59% of which is FDI from abroad.

Currently, there are 295 businesses, 42 of which are multinationals, spread throughout 22 Halal Parks across the country.

Each Halal Park “offers world-class infrastructure facilities, a competent workforce, and ease of doing business. It also accesses to Halal products, and attractive incentives from the Malaysian government, which continually encourages Halal development.”

When asked about the government’s assistance to halal goods manufacturers, Yaakob said, “Consider the necessity to increase your branding and promotion efforts in accessing new markets.”

This week marked the beginning of the 18th annual Malaysia International Halal Showcase (MIHAS) at the Malaysia International Trade and Exhibition Centre, which is expected to serve as a major hub for international and local business networking.

MIHAS anticipates generating $423 million in trade during the three-day event. It makes it one of the most significant and oldest halal trade fairs in the world.

Malaysian External Trade Development Corporation hosts this exhibition, which attracts local and international customers, business owners, retailers, brands, media, researchers, and opinion leaders.

It uses both traditional and digital forms of presentation to draw in almost 400 companies from all around the world.

This year’s fair contains 13 different categories, such as food, medicines, e-commerce, media, recreation, and, Islamic banking. It further includes modest fashion, personal care and cosmetics, Muslim-friendly travel, and Islamic arts and culture.