Global halal economy to swell to $5trn by 2030
LAHORE: With higher level of halal trade, the halal economy is poised to become more integrated with global trade and supply chains, which will swell to $5 trillion by 2030 from $2.30 trillion a couple of years ago.
This was stated here on Sunday by Chairman United Business Group in the federation of Pakistan chamber of commerce and industry Shahzad Ali Malik, while talking to a delegation of industrialists and traders led by Muhammad Umar from Gujranwala which called on him.
He said the halal economy is witnessing an upward trend as the demand for halal products from Muslim and non-Muslim nations increases. He said the main factors driving the halal industry are favourable population demographic, government policies and private sector initiatives. He said growing non-Muslim demand for halal foods will be driven by its association with safe and healthy eating. He said governments are strengthening regulatory and policy support through national master plans and certification scope expansion which will boost the halal industry’s growth.
Shahzad Ali Malik said transparency and traceability along the halal products value chain are crucial. He said due to this, government should encourage the adoption of advanced technologies such as blockchain and the internet of things (IoT) when developing halal economy master plans while businesses can partner with tech start-ups. He said to tap growth potentials of halal markets: global governments must seek to unify halal standards and accreditation process to help reduce the number of certification requirements and promote halal commerce.
He urged the Pak food manufacturers to collaborate with technology companies for prompt delivery with mounted trust of consumers worldwide. He said halal Food authorities in Pakistan must help identify a continuous flow of growth opportunities to succeed in an unpredictable future. He said Pakistan must take slice in emerging global markets of halal products and can earn billions of dollars foreign exchange.
Copyright Business Recorder, 2022