Malaysia Trying To Expand Global Halal Ecosystem

In a groundbreaking development poised to reshape the halal industry on a global scale, the Halal Development Corporation (HDC) is set to host its 12th annual World Halal Conference (WHC) in 2024. This year’s conference is making waves with its innovative hybrid format, expecting around 6,000 participants from across the globe, both in-person and online. This dynamic approach reflects the growing importance of the halal sector in the international market and underscores the HDC’s commitment to fostering a robust global halal ecosystem.

What Makes WHC 2024 a Game-Changer?

The World Halal Conference 2024 stands out due to its unique hybrid structure, blending traditional face-to-face interactions with modern virtual engagement. This format not only broadens the scope of participation but also ensures that geographical barriers do not hinder the exchange of ideas and business opportunities. The event will take place at the Malaysia International Trade and Exhibition Centre (MITEC) in Kuala Lumpur, under the auspices of the Ministry of International Trade and Industry (MITI).

Strategic Focus: Government-to-Government (G2G) Cooperation

Unlike the Malaysia International Halal Showcase (MIHAS), which primarily targets business-to-business (B2B) interactions, WHC 2024 is strategically designed to foster government-to-government (G2G) cooperation. This focus is essential for strengthening the global halal ecosystem by facilitating high-level dialogue and collaboration between nations. By engaging with government representatives, the conference aims to address systemic challenges and explore strategic solutions for the halal industry.

The Global Halal Market: Opportunities and Challenges

The halal market has grown exponentially, with its current valuation reaching an impressive US$3.1 trillion. Despite this remarkable growth, the industry faces a substantial supply-demand gap. Presently, the halal supply meets only 10-20% of the global demand, highlighting a significant opportunity for expansion and collaboration. This disparity not only reflects the potential for market growth but also underscores the need for enhanced strategic partnerships and innovative solutions.

Recent initiatives by HDC have been pivotal in addressing this gap. Notable collaborations include strategic partnerships with countries such as Japan and Korea, as well as ongoing efforts to engage with governments in Taiwan, China, and various African nations. These partnerships are crucial for developing a more integrated and sustainable halal supply chain.

Notable Collaborations and Strategic Moves

In 2019, HDC’s partnership with the Korea Trade-Investment Promotion Agency (KOTRA) marked a significant step towards enhancing halal bilateral trade. This collaboration has been instrumental in building a sustainable business environment for the Muslim-friendly consumer segment in Korea. Additionally, a recent 2024 agreement with Acrosx Japan Inc. highlights HDC’s continued commitment to expanding halal trade networks and fostering mutual growth.

The interest from countries like Mexico in developing their halal ecosystems further illustrates the global appeal and potential of the halal market. Such international engagements are indicative of the expanding reach and influence of halal products and services worldwide.

What to Expect at WHC 2024

The WHC 2024 is set to be a landmark event with a diverse range of engaging sessions and discussions. Key highlights include:

• Ambassadors Session: A platform for high-level diplomats to discuss international cooperation and policy frameworks affecting the halal industry.
• Captains of Industry Panel: Featuring leading industry experts and business leaders sharing insights on market trends, challenges, and opportunities.
• Islamic Finance Discussions: Exploring the role of Islamic finance in the growth and development of the halal economy.

Esteemed speakers and panelists, including Andrew John Lech Goledzinowski, High Commissioner of Australia to Malaysia, and representatives from Japan and Russia, will offer valuable perspectives and success stories. These sessions are designed to provide actionable insights and foster dialogue on how the halal industry can contribute to global economic growth.

Addressing the New Normal: Halal Industry Post-COVID-19

The theme of WHC 2024, “Halal Community Driving the New World Economy,” reflects the industry’s adaptation to the post-COVID-19 era. The pandemic has reshaped consumer behaviors and market dynamics, creating new challenges and opportunities for the halal sector. The conference will delve into these changes, emphasizing the rising international demand for halal products and services.

The Role of WHC 2024 in Shaping the Halal Industry

As the halal industry navigates the complexities of global attitudes and rapid technological advancements, WHC 2024 serves as a crucial platform for thought leadership and innovation. The conference aims to elevate the halal industry’s value proposition and contribute to the economic and socio-economic well-being of nations worldwide.

By facilitating high-level discussions and strategic collaborations, WHC 2024 will play a pivotal role in driving the halal industry’s growth and global integration. The event represents a significant opportunity for stakeholders to engage with the evolving landscape of halal business and policy.

The World Halal Conference 2024 marks a transformative moment for the global halal industry. With its hybrid format and focus on G2G cooperation, the conference is poised to redefine the industry’s approach to international collaboration and market expansion. As stakeholders from around the world converge in Kuala Lumpur, the conference promises to set new benchmarks for the halal sector and drive meaningful progress toward a more inclusive and sustainable global economy.

Stay tuned for a transformative experience at WHC 2024, where the future of the halal industry begins. The insights, connections, and innovations emerging from this landmark event will shape the trajectory of halal business and policy for years to come.