Alliance To Boost Development Of US$1.3 Trillion Global Halal Economy

By Massita Ahmad SINGAPORE, April 29 (Bernama) -- Malaysian government statutory body, Iskandar Regional Development Authority (IRDA) has teamed up with five global players with a proven track record in providing best-in-class domain expertise in the halal ecosystem to exchange heads of agreements to launch the Global Halal Alliance. This is the first-of-its-kind collaboration in the world involving all sectors of the halal value chain. Such an integrated expertise is required for the successful development of the global halal economy, estimated at US$1.13 trillion (US$1 = RM3.91) of food sector expenditure alone in 2014, with 5.8 per cent cumulative annual growth rate, driven by young, growing and increasingly wealthy demographics. At the launch, IRDA's Chief Executive, Ismail Ibrahim, said Iskandar Malaysia, the main southern development corridor in Malaysia's southern state Johor, was poised to be the world's leading centre in halal services and production of food and non-food products within ten to 15 years. Ismail said as the authority mandated to oversee the planning of Iskandar Malaysia, it has the necessary infrastructure, facilities and core industries in place to support the growing halal products and services sector for prospective investors to explore, with the advantage of improved connectivity with surrounding regions and countries and able to play the role as a true hub for halal products and services. Besides IRDA, the partners in the Alliance included AsureQuality Ltd of New Zealand; Surbana Jurong Pte Ltd of Singapore; International Halal Labuan Foundation; State of Johor Islamic Religious Council; and, the HALTEX Group. "With the inception of the Global Halal Alliance, we will continue to emphasise the importance of innovation, sustainability and integrity while providing assurance in the halal economy," Ismail said. The Alliance, working collaboratively, coordinating and leveraging on the partners' strengths and collective depth of knowledge, will execute comprehensive solutions for the sustainable development of the global halal economy. The Alliance provides sustainable solutions and infrastructure for the stakeholders of the halal economy -- governments, businesses, regulators and consumers. It aims to safeguard trust and provide assurance of halal, safe and wholesome products for global consumers. Meanwhile, Surbana Jurong said, with its roots in Asia and a global track record of building over 50 industrial parks, it was confident of delivering a total urban, infrastructure and engineering solution for the halal food industry. --BERNAMA