HomeEconomyTürkiye eyes stronger position in $7 trillion global halal market

Türkiye eyes stronger position in $7 trillion global halal market


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As Istanbul prepares for the ninth World Halal Summit and tenth Organisation of Islamic Cooperation (OIC) Halal Expo, Türkiye is strategically positioning itself as a key participant within the world halal market, in accordance with the CEO of Discover Events and World Halal Summit Council President Yunus Ete.

“The Halal Expo 2023 and the 9th World Halal Summit to be held between Nov. 23-26 are expected to help Türkiye grow and become even more influential in the halal market,” Ete informed Daily Sabah in an unique interview.

Focusing strategically on diversifying its markets inside the “Century of Türkiye” imaginative and prescient the nation goals to raise its exports to $300 billion by 2025, mentioned Ete, including that the “halal market presents one of the biggest potentials for this ambition.”

Türkiye has already made important strides within the halal sector, rating among the many prime 20 exporters of halal merchandise alongside Indonesia and Malaysia, in accordance with the OIC’s Halal Economy Report.

The nation on the crossroads between Europe and Asia can also be one of many three international locations, alongside Indonesia and Malaysia, that has the capability to provide and export over 20 sorts of merchandise, Ete famous.

The world halal market is valued at over $7 trillion (TL 200.2 trillion), in accordance with Ete, and is anticipated to increase additional to $10 trillion over the subsequent 5 years.

Ete mentioned that spending on meals by customers in Muslim international locations exceeded $1 trillion in 2022 and is anticipated to rise to $1.5 trillion by 2026. In his phrases, this progress gives an essential window of alternative for investments and exports amongst OIC international locations.

“There is high consumer demand for healthy, halal and organic food products,” mentioned Ete, asserting nevertheless that OIC international locations are depending on imports within the meals, pharmaceutical and cosmetics sectors.

Seeing this chance, Turkish corporations are specializing in investments in halal-certified merchandise, he mentioned, including they’re additionally taking very strategic steps to create a powerful community on this market.

Ete additionally underscored the significance of the expo and the lively efforts of the nation’s Halal Accreditation Agency.

Depicting the principle slogans of this yr’s exhibition as “The World’s Biggest Halal Showcase” and “The Gate to the Global Halal Economy,” Ete additional highlighted a really robust demand for the Halal Expo Fair.

He mentioned essential corporations within the fields of meals, meals applied sciences, cosmetics, prescribed drugs, textiles and modest style present a really excessive degree of curiosity within the occasion every year.

This yr, there’s additionally critical demand for exhibitors from sectors associated to Islamic finance and halal tourism, he famous.

Halal accreditation

Touching upon halal accreditation and the scope of the halal market, Ete mentioned that opposite to basic perception, the halal market encompasses far more than halal meals.

“People first think of the food industry when they think of the halal market, but halal certification is not limited to food. Halal certification also applies to creams and ointments that come into contact with skin, toothpaste, clothing and cosmetics. Tourism is also a significant industry,” he defined.

We see that the demand by customers and worldwide competitors additionally result in extra resorts making use of for the certification, he added.

According to Ete, rising dynamics within the world commerce market assist the curiosity within the halal market develop, each in Türkiye and on a world degree.

Explaining that the hunt for alternate options to Israeli items and the worldwide boycott of these items has directed demand towards halal-certified merchandise, Ete mentioned: “The people showed their response to the attacks on Gaza, started looking for alternatives to Israeli products, and focused on the halal market. Sales of halal-certified products ranging from food to hygiene, pharmaceuticals to textiles, have shown an increase of over 100% in the past weeks.”

“It is clear that the global halal market, having already surpassed the size of $7 trillion, continues to grow ever stronger with the recent momentum,” he mentioned.

Furthermore, Ete defined that the expo, which receives guests from over 100 international locations, serves as a platform for certified firm representatives and business folks to find new merchandise, increase their community and diversify their portfolio.

“Our participants will meet over 500 professionals, especially from Türkiye, the Middle East, Central and Western Europe, the Balkans and Africa,” he mentioned. He additionally added that the expo, as in earlier years, may also host a particular B2B program by means of the assist of the Ministry of Trade of the Republic of Türkiye.

Ete mentioned the International Chefs Championship has additionally been organized concurrently with the honest and the summit since 2018 and added that this yr, the occasion can be organized far more comprehensively.

“This yr, 1,000 cooks will take part within the championship, which we set up in cooperation with the All Chefs and Pastry Cooks Confederation (TAŞPAKON) and the World Platform of Islamic Countries Culinary Societies – WICS,” he famous.

Besides the honest’s impactful financial contribution, the convergence of world halal market leaders in Istanbul holds significance not just for the financial system but additionally in fostering tourism and cultural exchanges, Ete emphasised.

“It also adds to the attractiveness of Türkiye as a halal-friendly destination,” he added.

“Istanbul is our crown jewel and the fact that the 9th World Halal Summit and 10th OIC Halal Expo 2023 is being held here also reinforces our city’s position as a global hot spot,” he concluded.

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