KUALA LUMPUR, Sept 12 — Prime Minister Datuk Seri Anwar Ibrahim today directed members of his government to help spur small halal enterprises still unable to tap into what has become a lucrative global market, valued at some US$1 trillion (RM4.68 trillion).
Anwar was addressing this year’s Global Halal Summit, a yearly convention to showcase halal-based businesses from around the world organised by the Malaysian External Trade Corporation, now boasting participation even from major economies like Japan, China and South Korea.
In his speech, Anwar said the local halal ecosystem should play a larger role in helping small local halal businesses thrive.
“Halal shouldn’t just be about production methods, certification. We must also create opportunities to small (halal) businesses, those from Tanjong Karang and all the way to Manik Urai, they must be assisted,” the prime minister said.
Malaysia is aiming to become the global leader of the halal market, which is estimated to surpass the US$1 trillion mark by next year as demand for halal products grow alongside the world’s Muslim population.
The huge market has drawn trade interest even by countries with small Muslim populations, among them South Korea and Japan.
Anwar said halal products were among the main issues that dominated the meetings with top leaders from China and Japan at the recent Association of South East Asian Nations (Asean) Summit in Jakarta, Indonesia.
“Even China asked me about halal... that is how big the market is,” the prime minister said in his speech.
Malaysia, a Muslim-majority nation, has long poured money to develop the halal industry. Halal exports from South East Asia’s fifth largest economy by GDP totalled over RM60 billion in 2022 and Anwar said today his administration wants to raise it to RM63 billion this year.
Datuk Seri Tengku Zafrul Tengku Abdul Aziz, the minister of investment, trade and industry, told a press conference after the summit was launched that Malaysia is likely to meet that target.
“The prime minister has given us a challenge... and I think we are likely to meet that target,” he said.
