GLOBAL: Dubai Exports,
the export promotion agency of the Dubai-based Department of Economic
Development, in partnership with the Dubai Islamic Economic Development
Center and the Malaysia-based Halal Development Corporation, has signed a
series of MoUs and agreements with trade hubs and jurisdictions across
the world.
The signings come as part of a major push by the organizations to develop
cross-border trade of Halal-certified products, in order to aid the
development of a global Halal trade network with common standards. The
agreements hope to maximize the potential of the industry, as outlined by
Jamil Bidin, the CEO of Halal Industry Development Corporation: “Halal is
not merely a way of life, it is a global industry worth billions of US
dollars. The Halal trade network will provide manufacturers,
distributors, retailers, entrepreneurs, researchers and investors all the
necessary assistance to penetrate the global Halal market.”
As Mohammed Al Gergawi, the chairman of Dubai Islamic Economy Development
Center explains, the aim behind the signing of the MoUs and agreements is
the formation of a global Halal network that will strengthen bilateral
trade between developed and developing Muslim majority countries. The
intention is to create an immediate boost in the volume of Halal products
traded, resulting in an increase in foreign exchange earnings and the
generation of new jobs. “The Halal industry is at the heart of Dubai’s
vision for the global Islamic economy. This series of hub-to-hub
agreements provides a solid foundation on which to drive the development
of the Halal sector and encourage cross-border Halal trade, which, in
turn, will generate significant investment opportunities for major
international, regional and local businesses.”
Demand for Halal products is expected to grow by 15-20% over the next
five years and a number of unconventional markets have tapped into the
Halal market to be able to benefit from the industry’s growing demand.
Countries including Australia, France, India and Thailand are among the
top exporters of Halal products, contributing to a global Halal food
industry that is estimated to worth US$667 billion, accounting for 20% of
global food trade, with the total Halal market valued at US$2.3 trillion
by the World Halal Forum. Al Gergawi elaborates: “The Halal sector is
poised for significant growth over the next five years. This initiative
will significantly strengthen economic activity, not just in Muslim
majority countries but also in countries, such as New Zealand and Brazil,
that have significant Halal-based industries. It also firmly positions Dubai
as a leader in the development of the Islamic economy.”
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