KUALA LUMPUR (Feb 21): Halal Development Corporation Bhd (HDC) is collaborating with the Australian Trade and Investment Commission (AUSTRADE) to host and organise the World Halal Business Conference Circuit 2022 in Melbourne, Australia in June.
HDC chief executive officer Hairol Ariffein Sahari said Malaysia and Australia have long been trade partners in the halal industry, notably in the food service such as dairies and meat, hospitality and manufacturing industries.
“This will complement Malaysia’s robust manufacturing sector which will continue to play a vital role in the country’s economic transformation.
“Last year, the manufacturing sector contributed about 22 per cent of the country’s gross domestic product (GDP) including a growing halal manufacturing subsector focused on food and healthcare products,” he said in his opening address at the World Halal Excellence Awards 2021 here on Monday (Feb 21).
He said the partnership would also enhance Malaysia’s standing as a preferred partner in the global halal ecosystem and create increased commercial opportunities for Australian and Malaysian stakeholders in the growing halal economy.
“This collaboration is not only subject to market insights and partnership opportunities. Importantly, it will include projects to enhance trade, exchange of market intelligence know-how, investment in halal parks, training and consultancy and co-organising halal-related events,” said Hairol Ariffein.
Meanwhile, the halal industry is currently experiencing an undersupply situation in the global market, he said.
“Hence the local halal players must make full use of this strong halal brand to venture abroad and establish a bigger market share within the global halal market.
“These present opportunities to capture the estimated global consumption market of halal goods and services expected to grow at 4% annually to reach US$2.4 trillion in 2024,” he added.
The halal industry is expected to contribute 8.1% to the country’s GDP and generate RM56 billion export revenue in 2025, compared with RM31 billion in 2020 as per the 12th Malaysia Plan.