Petaling Jaya – The World Halal Business Conference 2021 (WHBC 2021) held today, facilitating discussions on the ever-growing need for the industry to reflect on its existing strengths; and to build new capabilities to create new engines of growth within the industry. WHBC 2021 highlights the various initiatives and contributions of the halal industry in expediting global economic recovery.
Malaysia has been in the forefront in the growth of the halal industry in both economic activities and social awareness. With a comprehensive halal ecosystem in place, Malaysia has become the reference for best practices in the development of halal standards, and business processes through nurturing growth and participation of local businesses in the global halal market.
This is evident with several collaborations announcement between the Halal Industry Development Corporation (HDC) and international organisations in conjunction with the WHBC 2021. The collaborations aim to internationalise Small and Medium Enterprises (SMEs) in the halal industry through collaboration with large Malaysian companies as well as multinationals. HDC was represented by its Chief Executive Officer, Hairol Ariffein Sahari.
The first collaboration was with Malaysia Airlines Berhad (MAB), which allows MAB to promote HDC to become the “One Stop Centre for Halal Business” to the potential markets. A Special Rate for members of HDC’s Halal Integrated Platform (HIP) when travelling on Malaysia Airlines is also offered to its members. This special rate is offered via Malaysia Airlines’ corporate travel program, MHbiz Travel.
Meanwhile, MAB is pleased to be the preferred airlines for the International and Domestic initiatives towards promotion of Halal Malaysia and received Reskilling and Upskilling Program of MAB staff in the halal industry by HDC.
HDC also collaborated with the Taiwan External Trade Development Council (TAITRA) via the Memorandum of Understanding (MOU) to promote the business relationship and contribute to the development of the Halal industry. Among the activities are, knowledge sharing in the aspects of halal, including market intelligence, reports and halal trade matters; collaboration to promote halal products or service pursuant to-branding exercise and reasonable initiatives; Talent development and education of halal between Taiwan and Malaysia; Bilateral investments and consultative efforts in promoting Halal Parks and sharing of technical knowledge on halal and Muslim-friendly frameworks between the two countries in relation to consultancy and advisory.
During the WHBC 2021, HDC also announced its collaboration with the African Institute of Islamic Finance (AIIF). HDC has signed an MOU with AIIF earlier, focusing on Consultation and Advisory Services to support the establishment of Halal Ecosystem in the Economic Community of West African States (ECOWAS) region, and capitalizing Senegal as the hub for this catalyst of change. AIIF with the strong support of the Government of Senegal has the strength and capability to lead the Halal agenda in Senegal and the ECOWAS region.
The conference also witnessed the collaboration between HDC) and Heskell Malaysia. With Haskell’s experience in Engineering, Construction and Project Management for the relevant sectors within the Halal industry, combined with HDC’s proficiency in Halal requirements and platforms to boost the Halal market (Halal Integrated Platform and Halal Manufacturing Parks), the collaboration aims to transform the Halal ecosystem in Malaysia by providing a seamless integration of design and construction with conformance to Halal compliance set by the local authority.
Combined with HDC’s expertise within the Halal market as well as the availability of resources for Halal investors via HDC’s platform, it would hopefully be able to attract more businesses to dive into the production of Halal commodities thus pushing the industry towards a significant growth.
Halal industry growth trends are now a key economic driver for many countries, with the global halal industry market size projected to be USD5.0 trillion by 2030. If taking into account the non-Muslims moving into the halal market, the overall potential market size is projected to be over USD38.1 trillion a year.
From a regional perspective, Asia Pacific, by virtue of having two-thirds of the world’s Muslim population calling it home, currently commands the majority of halal-related economic activities. It is also the largest contributor to the halal economy globally.
The halal industry potential market value for Asia Pacific region is estimated at USD 2.8 trillion by 2030.
For more information about WHBC 2021, log on to whbc.hdcglobal.com
