Malaysia High Commissioner in Dhaka Shuhada Uthman said that the size of the global halal market in 2024 was about $2.6 trillion. It is estimated that this market will reach about $3.6 trillion by 2029. She said that apart from the increasing number of Muslim population, the increasing interest of global consumers in quality and safe products is accelerating the growth of this market.

She made this call in her welcome address at a seminar titled ‘Think Halal, Grow Global: Strengthening Malaysia-Bangladesh Market Linkages and Leveraging Bangladesh’s Halal Industry for Global Growth’ in the capital on Wednesday (August 19).

Information and Broadcasting Minister Zahir Uddin Swapan was present as the chief guest at the seminar in the capital. Representatives and business leaders from various organizations including Halal Development Corporation Malaysia, Bangladesh Halal Certification Department, BIDA, Business Initiative Leading Development, Bangladesh-Malaysia Chamber of Commerce and Industry were present at the event.

In his speech, the Malaysian High Commissioner called for utilizing the potential of Bangladesh’s halal industry to enter the global market and increase investment, technology, knowledge and business cooperation between Bangladesh and Malaysia in this sector.

Shuhada Uthman said, Halal is no longer limited to religious requirements or certificates. It has become a comprehensive global economic system including food and beverages, medicine, cosmetics, tourism and hospitality, supply chain, finance, and clothing. The market for halal products is also expanding rapidly with the increasing number of consumers who value quality, safety, hygiene, ethics and trust.

The Malaysian High Commissioner said, this huge market has created great potential for Malaysia and Bangladesh. Not only participating in the halal economy, but also building businesses and industries in a way that ensures competitiveness, cooperation and growth in the global market. That is why the message of ‘Think Halal, Grow Global’ is important.

Highlighting the experience of the Malaysian halal industry, she said that certification alone is not enough to build a successful halal industry. Malaysia has built a strong halal ecosystem through a combination of strong government policies, internationally recognized standards and certifications, skill development, research and innovation, financing and active participation of the private sector.

Highlighting the potential of Bangladesh, Shuhada Osman said that the halal industry in Bangladesh has huge potential due to its large population, growing economy, dynamic private sector and production capacity. It is possible to create new areas of cooperation between the two countries by sharing Malaysia’s experience and expertise with Bangladesh.

She called on businessmen, relevant authorities and industrial institutions of Bangladesh and Malaysia to engage in joint ventures, investments, halal industry development, skill development, certification and standard setting, exchange of technology and knowledge, development of supply chains and increase business partnerships.

He said that Bangladeshi halal products and services need to be found not only in the Malaysian market but also in the wider ASEAN region and the international market. Similarly, Malaysian companies should not only see Bangladesh as a market of more than 180 million people; rather, they should consider Bangladesh as a product manufacturing, investment and business partner for the global halal economy.

Urging Bangladeshi businessmen to participate in the Malaysia International Halal Showcase (MIHAS), he said that MIHAS will be held in Malaysia from September 23 to 26. He expressed his gratitude for the support and incentives provided by the Bangladesh Investment Development Authority (BIDA) and the Export Promotion Bureau (EPB) to the participating Bangladeshi companies.

Shuhada Othman said that MIHAS has already become an important international platform for connecting halal businesses, buyers, investors, policymakers and industrial entrepreneurs from different countries of the world. It is a great opportunity for Bangladeshi companies to showcase their products, find buyers and distributors, get an idea of the needs of the international market, form partnerships and join the global halal economy.

He expressed hope that such an event would create new ideas, connections and partnerships between businesses and institutions in Bangladesh and Malaysia. The halal industry would serve as another important bridge in the relationship between the two countries and create new opportunities to further strengthen Bangladesh-Malaysia relations.