Bangladesh has the potential to be a major player in the global halal market if given the right support and market development initiatives, said Abul Kasem Khan, president of the Dhaka Chamber of Commerce and Industry.
The global halal product market was valued at $2.7 trillion in 2015 and forecasted to increase to $10.51 trillion by 2024, according to an estimate of the Transparency Market Research. Non-Muslim countries like Brazil, Australia, New Zealand, Singapore and Thailand are the leading halal market suppliers, he said.
“The Organisation of Islamic Countries (OIC) market is extremely important to maximise our business opportunities,” Khan said in a seminar styled 'Halal Certification Standards and Challenges: Opportunities for Bangladesh Market'.
DCCI organised the seminar yesterday at its auditorium.
“We must look into the Islamic common market to build trade and investment among Muslim countries, and halal product within the OIC nations should become a major arena for trade and commerce.”
Bangladesh is the fifth largest Muslim consumer food market in the world; it is worth $71 billion.
At $2.7 billion, Bangladesh is the sixth largest Muslim cosmetics market.
Referring to global Islamic Economy 2017-18 report of Thomson Reuters, Khan said the global Islamic market is worth about $2 trillion. Subsequently, he called for the establishment of an international halal certification process, separate zones for halal product manufacturing and a new policy to facilitate this market.
A special economic zone can be established for manufacturing halal products in the country as part of the export diversification initiative of the government, said Kazi M Aminul Islam, executive chairman of the Bangladesh Investment Development Authority.
“Halal certification is an added advantage -- it creates an extra appeal among the Muslim consumers.”
Bangladesh and the UAE maintain a good relationship. Perhaps the UAE can help in expediting the halal certification process for Bangladesh.
“What the Islamic Foundation is now doing is not enough. We need to do a lot more research on halal products,” Islam added.
The popularity of halal food is rising even among the non-Muslim population around the world as it is hygienic, said Saed Mohammed Saed Hmaid Almheiri, ambassador of the UAE in Bangladesh.
At present, Bangladesh exports halal meat in a small scale to the UAE and a few other countries.
“This can be expanded by ensuring safe and healthy cattle meat,” he added.