World Halal Summit & Halal Expo – Key Business Opportunities Explored

The World Halal Summit & Halal Expo, held annually in the historic city of Istanbul, has solidified its position as a premier event for the rapidly growing halal economy. This year, in conjunction with the Halal Expo, the Summit attracted global attention by bringing together industry leaders, policymakers, entrepreneurs, and innovators from diverse sectors. These events highlighted the immense opportunities in the halal industry and served as a platform for fostering collaboration, innovation, and economic growth.

A Global Platform

The World Halal Summit & Halal Expo is organized by the Standards and Metrology Institute for Islamic Countries (SMIIC) and the Organization of Islamic Cooperation (OIC), with the support of the Turkish Ministry of Trade and the Turkish Halal Accreditation Agency. This collaboration ensures that the summit operates at the intersection of international cooperation and high-level policy discussions.

Covering a wide range of topics—from halal food production, cosmetics, and pharmaceuticals to lifestyle products, tourism, and finance—the summit serves as a comprehensive platform for discussing the current and future potential of the halal economy. It promotes the development of unified halal standards, which are crucial for enabling seamless trade across borders.

By addressing the entire halal ecosystem, the Summit aims to create a more integrated global market that caters to the needs of over 1.9 billion Muslims worldwide, while also appealing to non-Muslim consumers seeking ethical and high-quality products.

The global halal economy has been experiencing exponential growth, driven by increasing consumer demand for halal products and services. According to a report by the State of the Global Islamic Economy, the halal market is projected to exceed $2.5 trillion by 2028, encompassing food, cosmetics, pharmaceuticals, travel, and Islamic finance. This immense market potential has made events like the World Halal Summit critical for shaping the industry’s future.

One of the unique aspects of the halal economy is its universal appeal. While halal certifications ensure compliance with Islamic laws, the emphasis on ethical practices, quality, and sustainability resonates with a broader audience. For example, halal-certified food and beverages are often seen as healthier and safer, attracting consumers from diverse cultural and religious backgrounds.

Türkiye

Türkiye’s role as a host for the World Halal Summit & Halal Expo is not accidental. The country’s unique position at the crossroads of Europe and Asia, along with its robust manufacturing and export capabilities, has made it a strategic hub for halal trade. Türkiye is already a leader in sectors like halal food production and tourism, and the Summit provides an opportunity to showcase its strengths to a global audience.

Türkiye-Oman Economic Relations

A key focus of the 2024 World Halal Summit was enhancing economic ties between Türkiye and Oman. A dedicated session hosted by the Foreign Economic Relations Board’s (DEIK) Türkiye-Oman Business Council spotlighted the immense potential for collaboration between the two countries.

Yunus Ete, Chairperson of the Türkiye-Oman Business Council, emphasized the importance of increasing bilateral trade, which currently stands at $1.4 billion annually. He highlighted sectors such as tourism, healthcare, and contracting as key areas for growth. Türkiye’s advancements in e-commerce and digital marketing were also discussed as valuable assets for expanding its economic footprint in Oman.

Oman’s Strategic Role

Oman’s growing prominence in the halal economy was another key topic of discussion. With its strategic location and investor-friendly policies, Oman offers significant opportunities for businesses looking to expand in the Gulf region.

Salim Abdullah Al Rawas, the Omani Chairperson of the Türkiye-Oman Business Council, discussed the role of Turkish banks in facilitating trade and investment between the two countries. These financial institutions have simplified transactions and encouraged Omani companies to invest in Türkiye, further strengthening economic ties.

Tourism is another area where the two countries share a deep connection. Each year, approximately 100,000 Omani tourists visit Türkiye, contributing significantly to the tourism sector. This steady flow of visitors also fosters cultural exchange, strengthening the bond between the two nations.

Islamic finance, a critical pillar of the halal economy, was prominently discussed at the Summit. With the global Islamic finance market valued at over $3 trillion, its role in supporting halal businesses cannot be overstated. Türkiye’s banking sector, including its participation banks (Islamic banks), has been expanding rapidly, offering specialized services that cater to the unique needs of halal-focused enterprises.

Oman’s Islamic finance sector, which has seen significant growth over the past decade, presents additional opportunities for collaboration. By leveraging each other’s expertise, Türkiye and Oman can lead the way in creating innovative financial solutions for the halal economy.

Innovation and technology were recurring themes at the Summit. Bushra Al-Wahaibi, a senior business development specialist at Invest Oman, highlighted the importance of technological partnerships between Türkiye and Oman. Oman’s focus on innovation-driven industries aligns perfectly with Türkiye’s advancements in technology and digital transformation.

Al-Wahaibi also outlined Oman’s investor-friendly policies, including tax exemptions of up to 30 years, land acquisition opportunities, and even citizenship pathways for foreign investors. These incentives are designed to attract businesses from across the globe and position Oman as a hub for innovation within the halal economy.

The Go Africa Event

The Summit also featured the Go Africa event, which turned the spotlight on the untapped potential of African markets. With a rapidly growing population and increasing demand for halal-certified products, Africa represents one of the most promising frontiers for the halal economy.

Participants at the event explored opportunities for halal food exports, manufacturing partnerships, and infrastructure development across the continent. By building strong trade relationships with African nations, halal businesses can tap into a market that is expected to grow significantly in the coming decades.

Related: Istanbul Hosts 10th OIC Halal Expo Highlighting the Global Halal Industry

The Future of Halal Tourism

Halal tourism emerged as another key focus area at the Summit. With the global Muslim travel market projected to reach $225 billion by 2028, there is a pressing need to develop destinations, services, and infrastructure that cater to the specific needs of Muslim travelers.

Türkiye, already a favorite destination for Muslim tourists, showcased its efforts in promoting halal-friendly travel. From halal-certified hotels and restaurants to culturally inclusive attractions, the country is setting benchmarks for other nations looking to attract this lucrative demographic.

The rise of eco-tourism and sustainable travel within the halal segment also featured prominently in discussions. These trends align with broader consumer demands for ethical and environmentally conscious travel options, further expanding the scope of halal tourism.

A Unified Framework

One of the critical challenges for the global halal economy is the lack of unified standards. The Summit emphasized the need for international collaboration to create a standardized halal certification system that is recognized across borders. Such a framework would simplify trade and build consumer trust in halal-certified products and services.

The role of technology, particularly blockchain, in ensuring transparency and traceability in halal supply chains was another hot topic. By adopting cutting-edge technologies, businesses can address concerns related to authenticity and compliance, ultimately strengthening the global halal market.

The World Halal Summit and Halal Expo are more than just events; they are catalysts for shaping the future of the halal economy. By bringing together diverse stakeholders, these platforms foster collaboration, innovation, and growth in a market that holds immense potential.

From enhancing Türkiye-Oman economic relations to exploring new markets in Africa, the discussions at this year’s Summit laid the groundwork for significant advancements in the halal industry. As the global demand for halal products and services continues to rise, the World Halal Summit will undoubtedly play a pivotal role in guiding the industry toward a more sustainable and prosperous future.

Through its focus on standardization, innovation, and inclusivity, the Summit has positioned itself as a beacon for the halal economy, reflecting its values of quality, ethics, and global connectivity.