RIYADH, April 30 — The Halal Development Corporation Bhd (HDC) remains steadfast in supporting initiatives that promote trade facilitation, industry development, and market access for halal products and services.

Chairman Khairul Azwan Harun said the HDC is dedicated to fostering closer collaboration with partners in Saudi Arabia and other key stakeholders to capitalise on the vast potential of the halal economy and create a more inclusive, equitable, and prosperous future.

"By harnessing the strengths of the halal ecosystem, Malaysia could create new opportunities, foster innovation, and enhance competitiveness across Organisation of Islamic Cooperation (OIC) member countries.

"The robust halal ecosystem presents a compelling opportunity to chart a course towards prosperity, driven by ethical principles and innovative practices,” he said in his welcoming remarks at the Halal Economy Leadership Forum 2024 (HELF 2024) in Riyadh.

Furthermore, the halal ecosystem also offers avenues for human capital development, empowering the people of OIC member countries to unlock their full potential and contribute to sustainable economic growth.

He added that the Islamic Development Bank (IsDB) plays a pivotal role in fostering development and progress across OIC member countries where IsDB provides essential financial support, expertise, and guidance to member nations striving for economic progress.

"However, as the global landscape evolves, it is no longer sufficient to merely provide financial aid. IsDB recognises this shift and is actively seeking innovative solutions to ensure that the funds they provide have a lasting impact on the wellbeing and economy of member countries,” he said.

On Malaysia’s halal export performance to Saudi Arabia in 2023, Khairul said it experienced a modest decline, reflecting a resilient industry navigating global economic fluctuations.

However, Saudi Arabia remains significant as one of Malaysia’s key halal export destinations, where it contributes 1.9 per cent to Malaysia’s total halal exports.

Khairul also emphasises Malaysia’s commitment to embracing Science, Technology, and Innovation (STI) adoption in the halal industry where the country is actively promoting and facilitating the integration of cutting-edge technologies into all aspects of the halal ecosystem.

"From digital trade facilitation to ensuring halal food security, innovations, integrity, and governance, STI adoption is a cornerstone of our national agenda. Malaysia is deeply committed to advancing this agenda, working tirelessly to encourage and support businesses and consumers in adopting innovative solutions.

"All stakeholders should seize this opportunity to collaborate and exchange ideas, driving forward the adoption of STI and ensuring the growth and sustainability of the halal industry,” he said.

HELF 2024 is jointly hosted by HDC, IsDB, and Saudi Arabia’s Halal Product Development Company (HPDC), in conjunction with the IsDB’s Private Sector Forum (PSF) 2024 in Riyadh from April 28-30. — Bernama