The Malaysian Reserve

Halal industry contributed 7.5% to GDP in 2017, says DPM

Deputy Prime Minister Dato Seri Dr Ahmad Zahid Hamidi at the Huawei Asia Pacific Innovation Day in Kuala Lumpur (Pic By Muhd Amin Naharul/TMR)

By ALIFAH ZAINUDDIN/FILE PIX

THE local halal industry contributed approximately 7.5% to Malaysia’s gross domestic product (GDP) last year, said Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi.

The industry reported an annual export value of halal products worth RM43.4 billion in 2017 and had attracted RM13.3 billion worth of investments for its Halal Malaysia (Halmas) Halal Parks.

“Malaysia once again leads the Global Islamic Economy Indicator for the fifth year in a row. This impressive lead reflects a robust Islamic economy eco-system, with Malaysia enjoying a substantial lead in Islamic Finance and Halal Food,” Zahid said in his opening address at the World Halal Week 2018 in Kuala Lumpur today.

A report released by Thomson Reuters on the State of the Global Islamic Economy 2017-2018 projects the Islamic economy to US$3 trillion (RM11.6 trillion) by 2021. 

The survey defined the Islamic economy as consisting of halal food, Islamic finance, halal travel, modest fashion, halal media and recreation as well as halal pharmaceuticals and cosmetics.

Minister in the Prime Minister’s Department Datuk Seri Abdul Rahman Dahlan expects halal product exports to grow by 5% to RM45 billion this year.

“This shows that there are bigger opportunities to tap into. The global Muslim market alone is expected to reach US$7.7 trillion in 2030,” he said.