Singapore: Singaporean Deputy Prime Minister Tharman Shanmugaratnam has recently announced the start of a hub to get the country’s firms into the global halal food market, Straits Times reported.
Speaking at a charity gala dinner held by the Singapore Malay Chamber of Commerce and Industry (SMCCI) to celebrate its 60th anniversary, Shanmugaratnam said the hub would allow companies to share resources for product development, production, and distribution.
He noted that the hub, which is being backed by SMCCI along with Spring Singapore and International Enterprise Singapore, would identify food firms that are keen to scale up their halal exports.
He urged local businesses to look into the “untapped potential” in the “internationalization of local food products,” particularly in the global halal food market, which is valued at more than $1.1 trillion.
“Singapore companies are well positioned to play a bigger role in this market, given the trust in the quality of Singapore-made products and our Majlis Ugama Islam Singapura (MUIS) certification,” he said.
Singapore’s multicultural background could also help bridge the need for halal products among Muslim communities and tourists in markets such as Japan, South Korea, Africa, China and Taiwan, he pointed out.