Halal sector growth to further boost Malaysia's export performance - Deputy Minister - MIDA | Malaysian Investment Development Authority
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Halal sector growth to further boost Malaysia’s export performance — Deputy Minister

Halal sector growth to further boost Malaysia’s export performance — Deputy Minister

09 Sep 2022

The development of the halal sector will continue to contribute significantly to Malaysia’s export performance in the future, said Deputy Minister of International Trade and Industry (MITI) Datuk Lim Ban Hong.

He said the growth of the global halal industry is expected to reach US$2.8 trillion (US$1=RM4.49) by 2025, with a compound growth rate (CAGR) of 7.5 per cent.

“I am confident that the halal sector will continue to make an important contribution in improving Malaysia’s export performance to the rest of the world,” he said at the MIHAS 2022 awards ceremony here today.

He added that his projection on the halal sector was based on the recently-published “2022 State of the Global Islamic Economy Report: Unlocking Opportunity” which stated that the global Muslim population spent US$2 trillion in 2021, up by 8.9 per cent from 2020.

Lim said in 2021, the growth of the halal sector increased by 19 per cent to RM36.3 billion compared to the previous year which was as much as RM30.5 billion

He said the food and beverage segment still ranks first in terms of demand and export value, followed by the halal ingredient segment, followed by cosmetics and personal care.

Malaysia’s five main export market countries include large economies such as China, Singapore, Japan, the United States and Indonesia, he said.

Lim also said Malaysia intends to make the “Halal Malaysia” brand as a guarantee that products and services are supplied to all levels of society, in and outside the country regardless of race and religion, of good quality and compliant with sharia.

“The Malaysian halal logo reflects that the products and services offered are guaranteed quality and safety, and have gone through a stringent halal management process,” he said.

Meanwhile, Lim said the MIHAS awards ceremony, organised by the Malaysia External Trade Development Corporation (MATRADE), was an appreciation and recognition for domestic and international exhibitors.

“The awards take into account and evaluate products, services, exhibition space and social media segments that contain innovative and creative features in an effort to promote the halal industry,” he said. 

Source: Bernama