KUALA LUMPUR: Halal Development Corporation Bhd (HDC) has developed a framework under the Halal Industry Master Plan 2030 for the development of the country's Halal industry for the next 10 years, Prime Minister Datuk Seri Ismail Sabri Yaakob said today.
He said the framework called for, among others, the Halal Integrated Platform (HIP) to help entrepreneurs venture into new potential business opportunities in order to gain domestic and international market access.
"This platform will act as a bridge between entrepreneurs and industry stakeholders, uniting them under a single Halal ecosystem.
"The focus will be on micro, small and medium enterprises (MSMEs) who will be able to access programs, services and facilities aimed at helping them to become active participants in the halal ecosystem," he said during his keynote address at the World Halal Business Conference (WHBC) 2021.
Ismail Sabri's speech was read by Senior Minister cum International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali.
Ismail Sabri said the halal industry, which is a significant part of the global economy, had suffered the ramifications of the global pandemic, too.
He said however, moving forward, there were immense opportunities in these Halal industries not only in terms of business but more importantly, in catering to the sufficiency of a nation.
Overall, according State of the Global Economic Report 2020/2021, Muslim spending worldwide had decreased by eight per cent in various sectors of the Islamic economy in 2020.
He said from an economic perspective, the global halal industry market size was projected to be worth US$5 trillion in 2030 from its current market worth of US$3.1 trillion, taking into account the non-Muslims consumers, moving to and consuming halal products.
He added that the halal food and beverages (F&B) industry alone was worth US$2.1 trillion, while the halal cosmetics and the halal pharmaceuticals industries were collectively worth US$136 billion.
According to HDC Halal Datawarehouse, Malaysia's top three halal export products are F&B, ingredients and cosmetics, and personal care.
"Malaysia is gradually picking ourselves up and recovering from this pandemic that has adversely impacted our society at large.
"We are committing ourselves to implementing the National Recovery Plan (NRP) under the spirit of 'Keluarga Malaysia'.
"Malaysia's halal industry is a key feature of the NRP with the recovery of the industry being paramount to the resilience of the overall Muslim- majority national economy," he added.