Vibrant Outlook For Halal Market On Rising Muslim Spending

KUALA LUMPUR, Oct 20 (Bernama) -- The outlook for the halal market is expected to remain vibrant due to the rising spending by Muslim consumers, which is expected to grow to US$5.3 trillion by 2020 from US$2.9 trillion in 2010. Selangor Senior Executive Councillor For Investment, Industry and Commerce, Small Medium Enterprises and Transportation Teng Chang Khim said the growing expenditure on halal trade, which is projected to grow to US$2.67 trillion in 2018 from US$1.7 trillion in 2012, is among the factors that led Invest Selangor to organise the three-day Selangor International Expo 2016. "The expo, focusing on key industry sectors covering halal products and services, life sciences and e-commerce due to factors such as hassle-free procedures for obtaining licences for setting up halal businesses, makes the Selangor Halal Hub an ideal choice," he said in his speech at the opening ceremony of the Selangor International Expo 2016. The expo, held for the second year, is a platform for local and foreign multinational companies, SMEs and entrepreneurs to showcase their products and services besides being a perfect avenue for marketing and collaboration. The Selangor International Expo 2016 is now bigger with 565 booths, with strong participation from 17 countries including China, Indonesia and Thailand. A series of conferences will also be organised during the trade expo, including a discussion on cross-border e-commerce activities within South-East Asia, a seminar on the halal industry organised by the Malaysian Chamber of Commerce, and a biotech session. Themed Bio for Youth, the biotech programme, to be held on Nov 22, is jointly organised by Invest Selangor and Malaysian Bioeconomy Development Corporation. "Rather than targeting industry players, it is designed to raise awareness among the younger generation, namely secondary school and university students," he added. Selangor is one of the 13 states of Malaysia. --BERNAMA