Bangladesh wants to become regional hub of halal products: Ashik

Executive Chairman of the BIDA and BEZA Chowdhury Ashik Mahmud Bin Harun has said the interim government is dedicated to creating an enabling environment for the halal economy, ensuring that Bangladesh becomes a hub for halal products in the region.

Speaking at a seminar titled 'Halal Economy 360: Driving Global Growth' on Saturday, he underscored the importance of strategic initiatives aimed at fostering growth in this sector, reports UNB.

Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) organised the seminar focusing on the vast potential of the halal economy and potential collaboration with Malaysia in fostering sustainable and inclusive growth and development in this $7 trillion economy.

Currently, trade between Bangladesh and Malaysia has been marked by a substantial imbalance, with Bangladesh's imports from Malaysia reaching approximately $ 2.6 billion in FY2023- 24.

On the other hand, Bangladesh's exports to Malaysia totalled only $ 293.51 million in FY2023-24, according to the BMCCI.

High Commissioner of Malaysia to Bangladesh Mohd Shuhada Othman, who was present as a special guest, reaffirmed the strength of bilateral relations between the two countries and expressed Malaysia's readiness to share its expertise in developing the halal economy. "This collaboration can yield significant benefits for both nations."

BMCCI Secretary General Md Motaher Hoshan Khan also spoke at the seminar that brought together the industry leaders, policymakers and experts to explore the current landscape and future opportunities within this burgeoning sector.

Ashik Chowdhury highlighted that most halal products are currently produced by non-Muslim countries, which is unfortunate for Muslim-majority countries like ours.

He, however, emphasised that this also presents a significant opportunity for Bangladesh. With the right policies and initiatives, Bangladesh is well-positioned to capitalise on this potential and enter the halal market effectively.

Chowdhury elaborated on the various measures being implemented to attract investment and enhance infrastructure for halal production.

He called for increased collaboration between public and private sectors to harness the full potential of the halal economy, emphasising that such partnerships are essential for driving innovation and sustainability.

BMCCI President Shabbir A Khan emphasised the halal economy's role as a crucial driver of international trade and investment.

He highlighted the surging global demand for halal products and services, calling on stakeholders to collaborate in positioning Bangladesh as a competitive force in this lucrative market.

He also emphasised that "beyond our traditional garment exports, Bangladesh has the potential to become a significant supplier of Halal products. With coordinated policy, streamlining certification and a favorable investment climate, we can realistically achieve US$ 7-8 billion in halal exports to Malaysia alone by 2030."

The seminar included a working session chaired by Syed Alamgir, adviser at the School of Business of Uttara University.

Dr Mominul Islam, Assistant Professor at the College of Business Administration, International University of Business Agriculture and Technology (IUBAT), presented the keynote paper that provided a comprehensive overview of the halal economy's potential, outlining effective strategies for growth.