KUALA LUMPUR, March 17 — Halal Development Corporation Bhd (HDC) has set a revenue target of RM40 billion from halal food services and RM1.6 billion from halal pharmaceuticals by 2025 via its Halal Sectoral Roadmap Implementation 2021.
Chief executive officer Hairol Ariffein Sahari said there is a substantial potential to grow the halal economy with huge demand globally, not only from the Organisation of Islamic Cooperation countries but also emerging countries and continents.
He said the local halal food services are expected to record positive growth of 18 per cent compound annual growth rate (CAGR) and 4.2 per cent CAGR for pharmaceuticals by 2025.
Food services are expected to record a revenue of minimum RM40 billion and pharmaceuticals a revenue of RM1.6 billion by 2025, he said adding that total employment expected will be more than 112,000 cumulatively, total export at RM440 million, and private investment at RM550 million for both sectors.
“I am confident that Malaysia will be a leading contributor to global consumers’ consumption of halal food and products,” he said at the virtual launch of the roadmap on Wednesday.
Under the roadmap, HDC has identified 11 key sectors to grow, among others food services and pharmaceuticals, halal ingredients, halal medical tourism, halal cosmetics, halal logistics, and halal modest fashion.
Hairol Ariffein said in developing an inclusive and holistic approach to expanding the industry, the private and public sector’s stakeholders were engaged for a consultative input.
More than 70 stakeholders in food services and pharmaceuticals were invited to attend two strategic workshops between August and October last year to give valuable inputs, including the challenges and interventions required, he said.
Through a clear context on the challenges faced, he said targeted interventions were developed to help address them, followed by a detail action plan on how the interventions were to be delivered with milestones and potential owners.
“In food services, six halal key result areas with seven initiatives and 17 interventions have been identified to address six issues surrounding the sector.
“Whereas in pharmaceuticals, four halal key result areas with six initiatives and 21 interventions have been identified to address five issues surrounding the sector,” he said.
Upon completion of the roadmap development, Hairol Ariffein said HDC established an implementation working committee, namely the Sectoral Working Group for pharmaceuticals and food services.
This working group, which comprised experts from the halal industry, would play an advisory role in making sure the rollout of all high-impact initiatives progressing until 2025, he added.
In conjunction with the event, a memorandum of understanding was signed between Hairol Ariffein and chief statistician Datuk Seri Dr Mohd Uzir Mahidin on behalf of the Department of Statistics Malaysia (DOSM), for a collaboration on the production of Malaysia’s Halal Industry Statistical Data Analysis and Sharing.
It will be the world’s first verified halal big data backed by the government to pave the way for more precise economic indicators census for the halal industry, Hairol Ariffein said.
— Bernama
