The Halal Market Develops Rapidly - The International Halal Economy Cannot Be Ignored

Muslim countries have oil to supply Western countries; Australia has cattle, sheep and seafood to enter the world Muslim market; the two sides trade and exchange goods, each taking what it needs. A Malaysian and an Australian food industry delegation held talks in Sydney to discuss various technical cooperation issues regarding the international market, production, export and transportation of Halal food.

Malaysia's Minister of International Trade and Industry, Rafidah Aziz, said that the world's Halal goods market sales are estimated to exceed 2.5 trillion (Australian dollars), 'with Halal food alone accounting for over 600 billion.' She delivered a speech to the business delegations from both countries at the seminar on the theme 'Contemporary Halal Food Development Opportunities.' She said that Malaysia and Australia each have their own advantages - one country has abundant agricultural, livestock and fishery resources, the other has the international market for Halal goods - and the two sides should cooperate closely, help each other for mutual benefit, and seek common development. The Malaysian Halal food delegation led by Minister Aziz visited Sydney, Brisbane and Perth, three major commercial export cities, within one week, meeting food industry manufacturers and businesspeople and conducting on-site investigations for Malaysian investment.

Members of the Malaysian delegation included Malacca Governor Ali Rustam, Malaysian Industrial Development Authority Director Kanularakan, Malaysian Foreign Trade Cooperation Committee Director Nuharudin Nodin, as well as several government officials and major business and financial owners. Malaysia will provide the Australian side with the statutory rules, business channels, certificate management and sales experience of Halal food production, helping Australian Halal food enter the international market. Malaysia acts as an intermediary between the vast Muslim food market and Australia's abundant food production base, and Australia has rich production experience and advanced technical equipment. Minister Aziz said, 'Australia's potential Halal products for entering the international market are not only beef and mutton, but also seafood, tropical fruits and vegetables, cocoa products and palm oil products, which can be divided into two major categories: everyday food and health nourishment food.'

Sydney is the premier commercial port in the Pacific region, ranking third in world status after New York and London. Minister Aziz said, 'When we talked with representatives of the New South Wales business community, we pointed out to them the advantages of investing in and cooperating with Malaysia; we can help them enter the Southeast Asian and West Asian Halal financial regions.' She explained to Australian business and financial representatives the current development of contemporary Muslim banking, which has flourished in many regions recently, reaching a record-high dividend last year. Muslim banking and its synchronized Halal financial market have climbed at a development rate of 13% to a reserve strength of US$34 billion, whereas a few years ago the growth rate was only 3%. Australian businesspeople paid no attention to the Halal economy ten years ago, but today they are flocking to it, vying to enter the Halal financial market. Malaysia's Islamic finance accounts for 20% of national financial management and is growing rapidly. She suggested to Australia's financial sector, 'Australia's banking sector should not miss this great opportunity, especially the financial institutions based in Sydney. Malaysia, with its own mature experience, is willing to assist Australian counterparts in opening up the Islamic financial market, with the focus on development in Asia and the Middle East.'

This Malaysian Halal business and financial delegation led by Rafidah Aziz brought new information on the development of the Halal world economy to neighboring Australia, facilitating cooperation between the two sides to develop the international Halal food industry and enter the flow of Islamic banking funds. The development of the international Halal economy has become an enormous force that cannot be ignored.