Bangladesh Trade Body Calls For Stronger Halal Sector Collaboration With Malaysia

By Shakir Husain

NEW DELHI, Aug 7 (Bernama) -- The growing world halal market presents excellent opportunities for Malaysia-Bangladesh collaboration across consumer segments, a Bangladeshi business leader said.

Companies from both countries can draw on their respective strengths in manufacturing and natural resources to set up joint ventures to supply domestic markets as well sell to third countries, including those in ASEAN, Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) president Shabbir Khan told Bernama in a phone interview.

Shabbir will lead a 14-member BMCCI delegation to participate in a major business conference in Kuala Lumpur during the upcoming visit of Bangladesh interim government chief Muhammad Yunus to Malaysia.

The delegation includes halal sector players who are keen to explore tie-ups with their Malaysian counterparts.

"Our organisation is keen to work with Malaysian companies in creating a robust halal ecosystem covering startups, financing, logistics chain and manufacturing facilities in Bangladesh," the BMCCI president said.

Consumers are assured of quality and safety standards when a globally renowned agency like the Department of Islamic Development Malaysia (Jakim) offers its certification, Shabbir said.

"Malaysia is a world leader in halal standards. We in Bangladesh must work with Jakim on three key areas: education, technology and processes," he said.

He sees huge untapped potential for developing Malaysia-Bangladesh ventures focused on the halal holiday and clothing sectors.

"Bangladesh being the world's second largest garment exporter should try to attract Malaysian investment for halal fashion products for markets in the Asia-Pacific and Middle East regions," Shabbir added.

He said Bangladeshi companies can look at Malaysia's Halal Industry Master Plan 2030 for investment and export opportunities.

Industry studies estimated the current size of the global halal market at US$7 trillion.

It is expected to reach about US$10 trillion per year by 2030, Turkish deputy trade minister Mahmut Gurcan told the Russia-Islamic World: Kazan Forum 2025 in May this year.

The halal product range is vast but key demand drivers are foods and beverages, dairy, meat, poultry, seafood, clothing, cosmetics, pharmaceuticals, and health and wellness products.

Bangladesh hopes that by raising its share in Malaysia's halal import basket it will be able to improve its trade performance significantly.

Bangladesh exported goods worth US$293.5 million to Malaysia in fiscal year 2023-2024 (July-June), while its imports from Malaysia were valued at US$2.6 billion, according to Bangladesh government data.

-- BERNAMA