Pakistan can become one of the top Halal product exporting countries, Punjab Halal Development Agency (PHDA) Chairman Justice Khalilur Rehman Khan said, but businessmen and the government need to join hands to make that happen.
Pakistan’s Halal product exports were dismally low – a fact that could be corrected through collective efforts as the quality of Pakistan’s meat was better than the meat provided by world leaders in the sector like Australia and New Zealand, he said.
Khan said this while speaking to the business community at the FPCCI Capital House. Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Abdul Rauf Alam and others were also present.
Some countries including Malaysia wanted to establish Halal industries in Pakistan and such initiatives were being facilitated, he informed.
He added that Malaysia wanted to increase the volume of Halal business with Pakistan – an opportunity that ought to be exploited by the local business community.
He informed the audience that Halal products covered a wide range of items such as food, pharmaceuticals, health products, food supplements, drinks and toiletries and Pakistan – being a Muslim country – was not fully exploiting the huge export potential.
Furthermore, he said all the countries that were exporting Halal products had established regulating bodies several years ago but in Pakistan, it was a neglected area for a long time. He expressed hope that the government would complete the remaining legal formalities soon.
FPCCI President Abdul Rauf Alam said Muslim consumerism was valued at an astounding $2.1 trillion and by 2050 the global population of Muslims was projected to increase from the current 1.8 billion to 2.8 billion.
Apart from Muslims, non-Muslims were also interested in Halal products but not many countries had initiated efforts to tap the potential, he added.
Apart from the existing huge Halal market, the China-Pakistan Economic Corridor project has provided motivation to the planners for the development of a big regional market.
Alam said the global Halal economy was worth over $3.66 trillion including food, finance and lifestyle.