Malaysia maintains strong position in global halal market

KUALA LUMPUR: Malaysia’s halal exports, totalling RM54 billion in 2023, play a crucial role in driving the country’s economic growth, according to Tengku Datuk Seri Zafrul Abdul Aziz, Minister of Investment, Trade, and Industry (MITI).

Zafrul underscored the potential of the local halal industry, noting projections that the global halal market, encompassing both goods and services, could exceed US$5 trillion (RM23.54 trillion) by 2030.

The minister highlighted the government’s dedication to supporting halal product companies through initiatives such as the Jelajah Halal Malaysia (JHM) programme, administered by the Halal Development Corp Bhd (HDC).

The JHM aims to help micro, small, and medium-sized enterprises (MSMEs) explore opportunities in both local and international halal markets.

Since its inception in 2022, JHM has enabled over 1,800 MSMEs to access local and international halal markets, Zafrul said during his speech at the Jelajah Halal Malaysia@Paya Besar event in Kuantan on Saturday, reported Bernama.

Speaking on Pahang’s halal industry, Zafrul said that the Department of Islamic Development Malaysia had informed him that 158 companies in the state had halal certification as of July 1.

Zafrul also acknowledged that several locations had the potential to be developed and that MITI is prepared to provide its services to boost the local economy, particularly the halal sector.

A senior economist with a major banking group told Business Times that Malaysia has maintained a leading position in the global halal market, demonstrating consistent and impressive growth.

“This growth reflects Malaysia’s strategic initiatives and rigorous certification standards, which have set benchmarks in the global halal sector.

“As we analyse the dynamics of this flourishing industry, it’s crucial to recognise Malaysia’s dedication to quality, innovation, and ethical standards, establishing it as a prominent figure in the halal market. This has garnered significant interest from international investors and consumers alike,” he said.

The economist said it’s noteworthy that halal products are increasingly favoured not only by Muslims but also by a growing number of non-Muslim consumers worldwide.

This trend underscores the expanding influence of the halal industry and a shift in consumer preferences towards these quality standards, he said.