BUSINESS

HDC URGES ASEAN COLLABORATION TO HARNESS US$5 TRILLION HALAL MARKET POTENTIAL

14/06/2024 01:24 PM

KUALA LUMPUR, June 14 (Bernama) -- The Halal Development Corporation Bhd (HDC) urges ASEAN countries to collaborate in building a robust halal ecosystem to tap into this significant economic opportunity.

HDC chairman Khairul Azwan Harun said as the central coordinator of Malaysia’s halal ecosystem, HDC could develop a customised framework to maximise the potential of halal trade in various aspects and provide solutions to support the movement of halal products and services.

“With 1.9 billion Muslims worldwide constituting 24 per cent of the global population driving demand for halal products and services, the projected US$5 trillion global halal market by 2030 is too significant for ASEAN to ignore, and too vast for any one country to fulfil alone,” he said in a statement today.

He added that Malaysia, as the upcoming ASEAN Chair in 2025, is focused on strengthening engagement within ASEAN. 

This will enable Malaysia to share its resources and collectively build a community that benefits from each other’s expertise.

“Our intention to share our experiences with our ASEAN neighbours stems from the similarities in our cultures and experiences,” he said.

Meanwhile, HDC is proactively fast-tracking the halal industry’s development in the region by organising the Malaysian Technical Cooperation Programme (MTCP) Halal Industry Module.

“MTCP is a bilateral technical cooperation programme established by the Malaysian government to share Malaysia’s development experiences and expertise with other developing countries.

“The first series of the programme, entitled ‘Halal: Industry Awareness and Ecosystem Development’, concluded yesterday with 15 international delegates from the Philippines, Laos and Thailand completing the 10-day programme,” HDC said.

Designed to help representatives from each country understand and experience Malaysia’s approach to developing the halal ecosystem, MTCP also guides delegates in developing their own halal ecosystems. 

“Fully funded by the Ministry of Foreign Affairs Malaysia (MOFA), the programme highlights Malaysia’s crucial role in advancing halal awareness and supporting ecosystem development in the industry,” it added.

-- BERNAMA


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