MIRI: Malaysia controls only one per cent of the global market on halal food, which is valued at RM2.04 billion.
Deputy academic director of the Cooperatives College of Malaysia, CCM Raja Maimon Raja Yusof said with increasing demand for halal food and services, both at the local and global markets, there is great potential for the industry.
She said this year alone, the halal products market value in the country was estimated at more than RM15 billion following drastic increase in demand for such products and services.
“The market growth on the halal products and services is projected at five per cent annually following increasing awareness in the past three years, thus, giving opportunities for the halal industry players to further exploit the market to meet consumers’ demand,” said Raja Maimon yesterday when officiating at the “Bicara Eksekutif on halal certification for cooperative products: Issues and current challenges” for Miri Division.
She said according to the Euromonitor, Food and Agriculture Organisation of the United Nations (Faostat) 2005, about 67 per cent of halal products are categorised as high demand products.
“This shows that the halal industry is expansive covering service sector such as Islamic tourism, halal logistic and Islamic banking. As such, in line with the nation’s target to become the regional halal hub, there is much to be exploited by the cooperative sector,” she said.
Raja Maimon hoped that the “Bicara Eksekutif” or executive talk on halal certification will create further awareness among members of the cooperatives in particular.
This included meeting the government’s target that cooperatives in the country could continue to progress and able to contribute five per cent towards the national gross domestic products by 2013 and also the National Cooperatives Policy 2011-2020.
Earlier in her speech, the director of the Malaysia Cooperatives College, Sarawak, Noor Zeeta Mohd Ramli said the talk was the second in the series after Kuching that was held in February.
Similar talk will be conducted in Sibu next month, following encouraging response. In Miri alone 200 came including from Brunei which surpassed the 150 target.