null IsDB: Growing Demand for Halal Products Presents Investment Opportunities, Trade Potential
IsDB: Growing Demand for Halal Products Presents Investment Opportunities, Trade Potential
17 May 2023 | Wednesday Source: Halal Focus
The Islamic Development Bank (IsDB) has highlighted the increasing demand for halal products and services, stating that this trend will create investment opportunities and promote the export and intra-trade of halal goods among member countries and Muslim communities. Datuk Amer Bukvic, the Ag. Director General Global Practices and Partnerships at Islamic Development Bank (IsDB), emphasized the significance of the halal industry during the IsDB annual meetings in Jeddah.
Bukvic noted that the food sector, which represents the largest component of spending on halal food by Muslims, was valued at USD1.27 trillion in 2021 and is projected to reach USD1.67 trillion by 2025. To foster a sustainable halal industry in IsDB member countries, he stressed the importance of establishing enabling ecosystems at the national level. This includes implementing long-term strategies that support policies for qualified human capital, creating institutional frameworks for standardization, certification, accreditation, and raising awareness among stakeholders and consumers. Additionally, the utilization of new technologies can enhance efficiency in halal manufacturing and distribution processes, improve visibility, and build consumer trust.
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