Istanbul: The global market in Halal products and services has hit to over $5 trillion with significant growth seen in sectors such as food, tourism, cosmetics, and finance, the Turkish President said Saturday November 25, 2023.
Halal products are prepared and manufactured as per the Islamic guidelines and keeping in mind Muslim faith.
“Demand for Halal certified products and services is rising because these products preferred by Muslims are hygienic and healthy. Today, the World Halal Market has reached a total size of more than $5 trillion, especially in sectors such as food, tourism, cosmetics, and finance,” Recep Tayyip Erdogan said while addressing the 9th World Halal Summit and the 10th Organization of Islamic Cooperation (OIC) Halal Expo Fair 2023 in Istanbul.
The two events opened Thursday November 23, 2023 with participation of 500 companies from 45 countries.
The focus of the four-day event held with the theme "A Gateway to the Global Halal Economy: Unveiling the Potentials" is topics such as Halal Supply Chains, participation financing in the Halal Economy, and Digitisation and Innovation in the Global Halal Economy among others.
In a video message recorded for the event, Erdogan noted that the market share of Halal Products is growing with every passing day in line with emerging needs and expectations, according to the state owned Anadolu Agency.
He further said that documentation and standardization are key both to ensure consumer access to Halal certified products and services, and to facilitate the circulation of Halal products and services in international trade.
Erdogan further said ensuring food safety is strategically important due to the Russian war on Ukraine.
“I believe the Halal Summit, which will host nearly 40,000 guests, including 10,000 foreign visitors, will strengthen the food security of Islamic countries,” he added.
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