ISLAMABAD, Feb 03 (Arab News): Pakistan's top business body has said the South Asian country should aim to enhance its halal food exports to Saudi Arabia and other Gulf Cooperation Council countries - a region he believes holds the key to enhancing the cash-strapped nation's food exports.
A delegation of the Federation of Pakistan Chamber of Commerce and Industry, headed by its president Atif Ikram Sheikh, represented the country's private sector at the Makkah Halal Forum 2024. The forum, held from Jan. 23-25 in Makkah, offered a platform for exhibitors worldwide to showcase the finest halal services and products.
During the visit, the FPCCI delegation and the MANAFEA Agreement- a partnership of various Saudi chambers of commerce and the Islamic Chamber of Commerce- signed an agreement to enhance Pakistan's exports to Saudi Arabia in particular and Organization of Islamic Countries, the Pakistani business body said.
Sheikh said the market for halal foods is growing in countries around the world, adding that Pakistan should take advantage of it.
"He said Pakistan should aim to attain at least 1 per cent of the market share over the next 3 - 5 years; and, that alone can mean exports of $25 billion as per the current market size," the FPCCI said.
Sheikh noted that the global market size for halal foods has reached a whopping $2.5 trillion, and that it would continue to grow at 13.5 per cent per year for the next 10 years. He said as a result, the expected market size for halal foods can see an over two-fold increase and reach to $5.8 trillion by the year 2033.
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