KUALA LUMPUR: Malaysia International Halal Showcase 2023 (Mihas 2023) is poised to capitalise on the US$5 trillion (RM22 trillion) global halal industry, according to International Trade And Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.
The minister said that according to Frost & Sullivan (September 2022), the halal economy in the post-pandemic era is forecast to touch US$5 trillion by 2030.
“In addition, the world’s global Muslim population currently exceeds 1.9 billion people and is growing, providing growth prospects and opportunities for the country’s players to capture,” he said during the soft launch of Mihas 2023 today.
Tengku Zafrul said Malaysia is poised to cement its position as the global leader in the halal industry, supported by the significant investments that has been made by the government in enhancing the halal ecosystem.
“The government has invested heavily in enhancing the Halal ecosystem, including promoting halal R&D and nurturing the enabling infrastructure to support halal production and distribution.
“This is as Jakim remains the prominent agency for halal certification, not only domestically, but also internationally. The Halal Development Corporation on the other hand, spearheads the development of Malaysia’s integrated and comprehensive halal ecosystem. These agencies, together with Matrade, are Miti’s strategic partners for the progress and development of Malaysia’s halal industry,” he said.
Malaysia is known to be a leading supplier of a wide range of halal-certified products and services namely food, cosmetics, pharmaceuticals, finance and tourism. To promote the growth of Malaysia’s halal economy, the government recently launched the Halal Industry Master Plan 2030 (HIMP 2030).
“HIMP 2030 will help cement Malaysia’s position as the undisputed global leader in the halal industry. Through HIMP 2030, the government is projecting that Malaysia’s halal industry will expand to US$113.2 billion by 2030, with a GDP contribution of 8.1% by 2025,” he said.
He added that Mihas, as a B2B platform that has grown from strength-to-strength, has also established itself as one of our key drivers to build on the halal momentum by exploring new frontiers and untapped opportunities in this industry.
“In short, we have all the right ingredients and ecosystem to grow the halal network, trade and investments in Malaysia,” he said.
He added that the Islamic core values of Halal also support the concept of ‘Malaysia Madani’ which revolves around the core values of sustainability, prosperity, innovation, respect, trust and compassion, “All these help to position Malaysia as a country that values ethical and responsible business practices, which complement Malaysia’s halal branding worldwide.”
Malaysian halal exports rose by an impressive 63.8% to RM59.46 billion in 2022. The minister said that this means that the halal industry is becoming increasingly important for businesses – including MSME – to generate revenue and jobs, which are key to economic development, while creating a positive spillover to the rakyat’s livelihood in general.
“I am confident that with the HIMP 2030, complemented by Miti’s vision in developing this industry, and B2B platforms like Mihas – Malaysia can maintain its leadership position in Halal products and services that meet the highest quality standards,” he said.
