Halal industry players in Malaysia should take advantage of the halal market opportunities provided by the government and the relevant agencies to ensure the industry’s growth will be sustained, said Halal Industry Development Corporation (HDC) acting chief executive Hairol Ariffein Sahari.
He said Malaysia’s halal industry has a viable ecosystem but the local market is almost 80% controlled by multinational companies (MNCs).
“The country’s halal industry development plan requires a paradigm shift at the policy level, as well as in terms of the supply chain, territories and ethnicities.
“HDC will redouble its efforts to create economic growth opportunities for Malaysia’s halal ecosystem community,” he told Bernama.
Hairol Ariffein said the Halal Industry Masterplan 2.0 being carried out will be the main guide to implement the initiatives under Shared Prosperity Vision 2030’s 6th key economic growth activity (Halal & Food Hub) and will also be streamlined with the 12th Malaysia Plan (2021–2025) and 13th Malaysia Plan (2026–2030)
“HDC’s vision is to make Malaysia a very competitive player in the global halal arena by 2030,” he said.
Hairol Ariffein pointed out that the halal export of RM40 billion last year was mainly contributed by MNCs, while Bumiputera-owned companies only contributed six to seven per cent.
“This (the Bumiputera-owned firms’ contribution) is very small relative to the size of the global halal market,” he lamented.
According to him, HDC has forecast that by 2030, the global market for halal products and services will hit US$35 trillion with potential demand from Muslims and non-Muslims growing at an average rate of seven- to eight per cent per year. — Bernama
Source: The Edge Markets