Greater dialogue among Muslim countries imperative to tap into US$3 trillion halal economy - WIEF
27 Sep 2022 02:17pm
Photo for illustrative purposes only - 123RF
Chairman Tan Sri Dr Syed Hamid Albar said currently Muslim countries are not fully optimising their involvements in the various facets of the halal economy and much are needed to be done to improve networking between these countries.
"In terms of revenue, their (Muslim countries) revenue is big but their participation in the halal market is low at only about eight per cent. We have done well in the Islamic banking segment, however, when you look at the size of it, the biggest sukuk market is in London."
"We need to do more types of roundtable among Muslim countries to take advantage of the halal economy’s potential. We have not made full use of its potential in terms of trade and investment,” he told reporters in a briefing at the WIEF Roundtable Penang 2022 here today.
Also present is State Trade, Industry and Entrepreneur Development Committee chairman Datuk Abdul Halim Hussain.
Abdul Halim said although Penang is one of the leading players in the global electric and electronics sector, the Middle East and North Africa (MENA) region is still very much an unexplored market for the state.
"The big companies in the MENA region are not aware of us and this platform that is set up by WIEF can be the bridge between Muslim countries and the rest of the world,” he added.
Meanwhile, in his keynote speech earlier, Yang di-Pertua Negeri Ahmad Fuzi Abdul Razak said the situation post-pandemic seems to be in favour of the country with a strong inflow of foreign direct investment.
Going forward, he said the country should identify in practical terms other areas it has the potential to grow and where it has the capacity to excel such as looking at sectors like Islamic finance, halal ecosystem and the many halal sub-sectors, regional high-end tourism, ecotourism and medical tourism.
"In respect of agriculture, even for a state without much land like Penang, to look at modern farming.
"These are questions we must seek serious practical answers, as after all, it is our future that is at stake,” he added.
The one-day event themed "Economic Rebound: Transforming the Future” was attended by 362 participants from 15 countries such as Indonesia, the Philippines, Russia and the United Arab Emirates.
The WIEF Roundtable Penang 2022 hosted by the Penang state government and co-organised by WIEF and Penang Halal International is the 17th Roundtable event organised by WIEF Foundation and the second to be held in Malaysia. - BERNAMA
