The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the Islamic Organization for Food Security (IOFS) are joining forces to tap into the expanding global Halal market. In a collaborative effort to enhance the availability and market reach of Halal products, FBCCI and IOFS held a discussion meeting at the FBCCI Icon in Dhaka on Monday.
FBCCI President Mahbubul Alam emphasized the growth of the Halal market in both Muslim and Non-Muslim countries. He noted that OIC member nations contributed significantly to the Halal industry, which was valued at USD 3.7 trillion in 2020. In the fiscal year 2022-2023, Bangladesh exported Halal products worth USD 843.03 million, with 70 percent of those exports destined for Muslim countries.
Addressing the challenges of Halal certification in Bangladesh, President Alam stated, “While a Department of Halal Certification (DHC) was established under the Islamic Foundation in 2007 to provide local manufacturers and businesses with Halal certificates and emblems, hurdles persist." He emphasized the need for concerted efforts to establish a notable presence in domestic and global Halal markets. Collaborative coordination with various OIC bodies is essential to simplify Halal certification processes.
Alam also highlighted the agricultural sector's potential in Bangladesh, underscoring the importance of improving supply chain infrastructure to mitigate post-harvest losses. He called for cooperation and investment from OIC member countries to enhance agriculture infrastructure and cold chain facilities.
IOFS Director General Professor Yerlan Baidaulet commended Bangladesh's remarkable progress in agro production. He expressed pride in having Bangladesh as a member country and expressed the IOFS's desire for robust support and partnership with the private sector in agriculture and food processing.
The Halal market is vast and rapidly expanding globally, although it is currently dominated by Non-Muslim countries. The collaboration aims to capitalize on this market's potential, encouraging a greater presence for Muslim nations.
FBCCI Senior Vice-President Md. Amin Helaly emphasized the untapped potential of agri-business in Bangladesh and the need for diversification of economic activities. He stressed that this diversification necessitates significant Foreign Direct Investment (FDI) to harness the local market and export opportunities.
Concurrently, an MoU was signed between the International Islamic Food Processing Association (IFPA) and FBCCI. FBCCI President Mahbubul Alam and IOFS Director General Yealan Baidaulet signed the agreement. The MoU facilitates Membership Services from IFPA for FBCCI, including access to IFPA Publications, event invitations, and B2B agri-food cooperation establishment among private sectors of OIC countries.
The event was attended by FBCCI Vice President Khairul Huda Chopol, Joshoda Jibon Deb Nath, Rashadul Hossain Chowdhury (Ronni), Md. Munir Hossain, Directors, business leaders, and esteemed guests. The collaboration aims to drive growth in the Halal sector and strengthen the economic ties between participating nations.
