Grab opportunities in US$7t global halal industry, entrepreneurs urged
Entrepreneur Development Minister Datuk Seri Mohd Redzuan Yusof officiates the closing ceremony of Selangor Young Entrepreneurs Carnival at Malawati Stadium in Shah Alam March 3, 2019. — Picture by Mukhriz Hazim
MELAKA, April 28 — Local entrepreneurs should aim for at least five per cent of the global halal product market, estimated to be worth US$7 trillion, said Entrepreneur Development Minister Datuk Seri Mohd Redzuan Yusof.
He said if this could be done, local entrepreneurs would be able to seize opportunities worth US$350 billion in the fast-growing industry.
“I have just returned from Europe and Russia, everyone is talking about the halal sector’s high potential, from halal slaughter to halal pharmaceutical products,” he said, adding that the World Bank has estimated the global halal product market value at US$7 trillion.
“Imagine if our entrepreneurs can explore five per cent of this or US$350 billion (US$1=RM4.13) of it, that is enough. Our country’s gross domestic product is RM1.3 trillion,” he told reporters at the Ministry of Entrepreneur Development (MED) Fiesta 2019 at the Melaka International Trade Centre in Ayer Keroh here today.
Mohd Redzuan expressed satisfaction with the positive feedback on Malaysian halal product exports, but said the challenge is to ensure that our entrepreneurs grab the opportunities available.
The MED Fiesta, officiated by Yang di-Pertua Negeri Tun Dr Mohd Khalil Yaakob, also featured the One Distr ict, One Industry programme aimed at promoting products and services by 144 entrepreneurs from Melaka, Johor and Negeri Sembilan in four clusters — food and beverages, handicrafts, homestays and health care.
According to Mohd Redzuan, the programme had achieved potential sales of almost RM10 million through 120 business matching sessions, while sales from the booths, including the food trucks, stood at about RM300,000. — Bernama