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BUSINESS

Global Muslim population spent US$2 trillion in 2021

29/06/2022 05:28 PM

KUALA LUMPUR, June 29 (Bernama) -- The global Muslim population spending amounted to US$2 trillion in 2021 and this is projected to grow to US$2.8 trillion in 2024, Malaysia External Trade Development Corporation (MATRADE) said, quoting the 2022 State of the Global Islamic Economy Report.

In a statement today, MATRADE Frankfurt trade commissioner Zuhaila Sedek said Malaysia and Germany can collaborate to explore the potential of this industry via innovation and in supply chain management.

"In Germany, (the) halal (industry) is seen as a value proposition that has a lot of similarities with organic and vegan products, and can serve the demand of between 5.3 and 5.6 million Muslims living in the country," she said at a webinar “Halal as a Catalyst of Innovation and Sustainability for Manufacturers” on June 17.

She said the halal industry is a multi-billion and dynamic one with a pool of consumers with strong purchasing power.

The webinar was organised with the support of IHK Hannover (Chamber of Commerce Hannover) and was participated by more than 45 business representatives.

Other than Zuhaila, other speakers at the event were University Putra Halal Products Research Institute Prof Ir Dr Yus Aniza Yusof, German Agricultural Society Prof. Dr. Katharina Riehn and Halal Development Corp international cooperation senior manager Romzi Sulaimen.

The German participants were invited to attend the world’s largest halal trade fair, Malaysia International Halal Showcase (MIHAS) 2022, from Sept 7-10, 2022 in Kuala Lumpur. 

-- BERNAMA


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