GLOBAL HALAL ECONOMY WORTH $8TN, EXPERT SAYS

Fri 29 November 2024:

The global halal economy reached $8 trillion since the start of the World Halal Summit events in 2015, event coordinator Aylin Sengul told Anadolu.

The World Halal Summit and the Halal Expo are two simultaneous events held in Istanbul, organized by the Standards and Metrology Institute for Islamic Countries (SMIIC) and the Organization of Islamic Cooperation (OIC), coordinated by the Turkish Ministry of Trade and the Turkish Halal Accreditation Agency.

Sengul stated that this year’s World Halal Summit had an intense participation since the opening programs with 500 Turkish and foreign brands from around 50 different countries, estimating nearly 9,000 foreign visitors throughout the event.

“Unlike previous years, this year we’re hosting business forums of countries, such as Oman, Palestine, Algeria, and Cameroon, as well as the Go Africa event, where we bring important businesspeople and delegates from many regions of Africa to speak,” she said.

She mentioned that the halal economy and halal sectors are generally considered to be only for Muslims, but she highlighted that this year’s event saw non-Muslim interest in halal products due to their healthiness and reliability.

“When we first started this event, the global halal economy was around $1 trillion, and with our country’s efforts in halal certification and accreditation, we estimate the global halal economy to grow to $12 trillion in the next five years,” she added.

Sengul stated that business-to-business (B2B) meetings at this year’s event grew compared to previous years, with nearly 1,000 international delegations.

She highlighted that the World Halal Organization created two special areas for this year’s event, namely the private label and the natural organic vegan areas.

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“Türkiye is in a very important position when it comes to private label, with nearly 30% of our producers providing services in this field, and next year, these two special areas will have their own events,” she added.

The World Halal Summit and the Halal Expo events started on Wednesday and will conclude on Saturday.

Source: AA

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