The recent 11th World Halal Conference (WHC) 2019 facilitated discussions on the ever-growing need for the industry to reflect on its existing strengths and to build new capabilities to create new engines of growth within the industry.
According to the State of the Global Islamic Economy Report 2018/19, it was estimated that Muslims spent US$2.1 trillion across the food, beverage and lifestyle sectors in 2017. They also forecast spending to reach US$3 trillion by 2023.
With Muslim spend on food and beverages forecast to reach US$1.9 trillion by 2023 and regulatory oversight of halal food production steadily improving, there are significant opportunities for investment and the establishment of global halal food brands. More companies are active in halal food than in any other sector of the Islamic economy.
Internationalise SMEs in the halal industry
This is evident with the Exchange of Memorandum of Agreement (MoA) between the Halal Industry Development Corporation (HDC) and F&N Beverages Manufacturing Sdn Bhd for the Halal Sourcing Partnership Program during WHC 2019. It aims to internationalise SMEs in the halal industry through collaboration with large Malaysian companies as well as multinationals.
Opportunities in term of investment
Halal industry has contributed significantly to economic growth since 1974. The industry contributed to 7.5% of GDP in 2017 and expected to achieve 8.7% in 2020. Prime Minister, Tun Dr Mahathir during the conference recently has outlined macro strategies in order to strengthen the resilience of the Malaysia economy. In this regards, the World Halal Conference 2019 is offering opportunities in investment through cooperation and further collaboration in the halal economy.
Awards and recognitions
Duopharma Biotech Berhad was awarded the Halal Brand Excellence Award (HBA) in honour of their high-profile brand and trademark built throughout the halal industry, creative excellence and consistency in promoting international acceptance and recognition while upholding halal integrity along the way.
The coveted Halal Science Research Award (HSRA) was presented to UKM UNIPEQ in acknowledgement for their efforts and commitment in innovative halal research and development; and the revolutionary ideas in uplifting halal through science and technology.
Kumpulan Ramly was awarded Halal Excellence for Malaysian Company to celebrate fast growth halal champion in the acknowledgement of innovative business processes, product development, enterprise, sustainability, leadership, and overall business success in penetrating halal market globally.
HDC Halal Performance State Excellence Award was granted to the State of Selangor for its outstanding initiatives which have helped achieving higher levels of consumers’ awareness and encouraged organisations and companies venturing into halal industry.
Meanwhile, McDonald’s Malaysia received the HDC Halal CSR Excellence Award in acknowledgement for its excellence of service, halal commitment to its customers, upholding ethical behaviour and environmental sustainability.
The Halal Excellence Awards’ goals are to accelerate innovation, excellence and a positive change in the global halal economy particularly to the Malaysian champions by recognizing best-in-class products, companies and individuals.