Zimbabwe Seeks To Tap US$3 Trillion "Halal" Global Market Through Malaysia
Zimbabwe aims to tap into the lucrative US$3 trillion “halal” global market by leveraging Malaysia’s strategic position. Halal refers to actions and behaviours permissible in Islam, including the production of halal foods under the guidelines set by the Halal Food Authority.
Halal markets trade in halal meats and other foodstuffs prepared according to these principles. Malaysia, with its booming halal market valued at approximately US$68.4 billion in 2018, presents an opportunity for Zimbabwe to boost its export earnings. Zimbabwe’s ambassador to Malaysia, Constance Chemwayi, highlighted the increasing global demand for halal products, expressing optimism about Zimbabwe’s potential for success in this sector.
Chemwayi was speaking to BusinessDigest on the sidelines of the Malaysia International Halal Showcase (MIHAS 2023), which kicked off on Tuesday and ends today. She said:
Our presence at the 19th edition of the Malaysia International Halal Showcase is in line with the country’s goals of opening new markets for our products.
Our main aim is to make Malaysia a gateway to accessing the US$3 trillion halal global market with only 20% of the demand being meat.
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ZimTrade, the country’s export trade promotion body, is participating in an exhibition in Malaysia, where four Zimbabwean companies are showcasing their products. These companies are displaying horticultural produce such as chillies, macadamia nuts, beans, peas, teas, coffees, herbal products, and Mazoe, a popular beverage.
Malaysia’s halal market was valued at $68.4 billion in 2018 and is projected to reach $113.2 billion by 2030. Chemwayi explained that being halal compliant goes beyond adhering to Islamic law. It also requires producers to meet global standards and principles for product safety.