HDC Encourages ASEAN Partnership to Access US$5 Trillion Halal Market

The Halal Development Corporation Bhd (HDC) is urging ASEAN countries to collaborate in building a robust halal ecosystem to capitalize on the massive economic potential of the global halal market. With the halal market projected to reach $5 trillion by 2030, this partnership is crucial. HDC chairman Khairul Azwan Harun highlighted the importance of this collaboration, emphasizing HDC’s pivotal role as Malaysia’s central coordinator for the halal industry. By working together, ASEAN nations can strengthen their halal industries, enhance trade, and meet the growing demand for halal products and services worldwide.

“With 1.9 billion Muslims worldwide, representing 24% of the global population, the demand for halal products and services is substantial. The global halal market, projected to reach $5 trillion by 2030, is a significant opportunity that ASEAN cannot afford to overlook. It’s a market too vast for any single country to address alone,” Khairul stated.

Malaysia’s Role in the ASEAN Halal Market

Malaysia, set to chair ASEAN in 2025, is focusing on strengthening its engagement with ASEAN countries. This leadership role provides Malaysia with the platform to share its resources and build a community that benefits from mutual expertise.

“Our intention to share our experiences with our ASEAN neighbors is rooted in our shared cultures and similar experiences,” Khairul added. By fostering collaboration, Malaysia aims to enhance the collective capabilities of ASEAN nations in the halal sector.

Fast-Tracking Halal Industry Development

To accelerate the development of the halal industry in the region, HDC has initiated the Malaysian Technical Cooperation Programme (MTCP) Halal Industry Module. This program is a bilateral technical cooperation effort established by the Malaysian government to share its development experiences and expertise with other developing countries.

The first series of the MTCP, titled “Halal: Industry Awareness and Ecosystem Development,” recently concluded with 15 international delegates from the Philippines, Laos, and Thailand completing the 10-day program. This initiative is designed to help representatives from each country understand and experience Malaysia’s approach to developing the halal ecosystem. It also guides how these countries can develop their halal ecosystems.

Strengthening the Halal Ecosystem

HDC’s proactive efforts in organizing the MTCP reflect its commitment to fast-tracking the halal industry’s development across the region. The program is fully funded by the Ministry of Foreign Affairs Malaysia (MOFA) and underscores Malaysia’s crucial role in advancing halal awareness and supporting ecosystem development.

The MTCP highlights the importance of building a robust halal ecosystem that can support the movement of halal products and services across borders. By sharing Malaysia’s successful framework, HDC aims to empower other ASEAN countries to harness the potential of the halal market.

The Growing Importance of the Halal Market

The halal market is not just limited to food products; it encompasses a wide range of services and goods, including pharmaceuticals, cosmetics, finance, and tourism. The increasing demand for halal-certified products and services is driving growth in these sectors, making the development of a comprehensive halal ecosystem even more critical.

In recent years, the global halal market has seen significant investments and innovations aimed at meeting the needs of Muslim consumers. From halal fintech solutions to halal travel packages, the market is evolving rapidly. This growth presents a lucrative opportunity for ASEAN countries to tap into by collaborating and sharing their expertise.

As the global halal market continues to expand, the need for a coordinated approach within ASEAN becomes increasingly important. Malaysia’s leadership and proactive initiatives, such as the MTCP, are paving the way for a stronger, more integrated halal ecosystem in the region. By working together, ASEAN countries can leverage their collective strengths to capture a significant share of the $5 trillion halal market, benefiting their economies and supporting the needs of the global Muslim population.

The collaborative efforts within ASEAN to harness the potential of the halal market will not only drive economic growth but also foster greater cultural and economic integration among member countries. As this sector continues to grow, ASEAN needs to stay ahead of the curve, ensuring that it remains a key player in the global halal market.