Dhaka: Chowdhury Ashik Mahmud Bin Harun, Executive Chairman (State Minister) of the Bangladesh Investment Development Authority (BIDA) and the Bangladesh Economic Zones Authority (BEZA), has asserted the government’s commitment to creating a conducive environment for the halal economy. The aim is to establish Bangladesh as a central hub for halal products in the region.
According to Bangladesh Sangbad Sangstha, Ashik Mahmud delivered these remarks while addressing a seminar titled ‘Halal Economy 360: Driving Global Growth’ as the chief guest at a city hotel. The seminar was organized by the Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) and focused on the expansive potential of the halal economy. It emphasized potential collaboration with Malaysia to foster sustainable and inclusive growth in this US$ 7 trillion economy.
During the seminar, industry leaders, policymakers, and experts gathered to examine the current landscape and future opportunities within this expanding sector. Ashik Chowdhury noted that most halal products are currently produced by non-Muslim countries, a situation he described as unfortunate for Muslim-majority countries like Bangladesh. However, he also identified this as a significant opportunity for the country, suggesting that with appropriate policies and initiatives, Bangladesh could effectively enter and capitalize on the halal market.
Ashik Chowdhury detailed the various measures being implemented to attract investment and improve infrastructure for halal production. He called for increased collaboration between public and private sectors to fully exploit the halal economy’s potential, highlighting the importance of such partnerships in driving innovation and sustainability.
Shabbir A Khan, President of BMCCI, opened the seminar by stressing the halal economy’s role as a crucial driver of international trade and investment. He noted the rising global demand for halal products and services, urging stakeholders to work together to position Bangladesh as a competitive force in this lucrative market. Khan also pointed out that beyond traditional garment exports, Bangladesh has the potential to become a significant supplier of halal products, with the potential to achieve US$ 7-8 billion in halal exports to Malaysia by 2030 with the right policies and investment climate.
BMCCI President further shared that the global halal food market size is projected to grow from US$ 3.30 trillion in 2025 to around USD 9.45 trillion by 2034, representing a Compound Annual Growth Rate of 12.42% from 2025 to 2034.
The seminar also featured Mohd Shuhada Othman, the High Commissioner of Malaysia to Bangladesh, as a special guest. He reaffirmed the strength of bilateral relations between the two countries and expressed Malaysia’s readiness to share its expertise in developing the halal economy, suggesting that this collaboration could yield substantial benefits for both nations.
Additionally, the event included a working session led by Syed Alamgir, Adviser at The School of Business of Uttara University. Dr. Mominul Islam, Assistant Professor at the College of Business Administration, International University of Business Agriculture and Technology (IUBAT), presented a keynote paper providing a comprehensive overview of the halal economy’s potential and outlining effective growth strategies.
Panel discussions at the seminar featured insights from distinguished experts across various industries, followed by an engaging open discussion where participants exchanged views on different aspects of the halal economy. Attendees expressed a strong desire for collaborative efforts with the government to advance the sector.
Currently, trade between Bangladesh and Malaysia sees a substantial imbalance, with Bangladesh’s imports from Malaysia reaching approximately US$ 2.6 billion in FY2023-24, while exports to Malaysia totalled only US$ 293.51 million during the same period.