A look at fashion and tourism innovations at HIITS 2024
CAMBODIA has set its sights on becoming a major player in the global halal market. Thus, it is actively developing its domestic halal industry to attract investment, create more job opportunities, and boost exports. This focus is a strategic move within the Cambodian government’s economic vision, which targets upper-middle income status by 2030 and high-income status by 2050.
To encourage the expansion of local halal-certified businesses, the Kandal Provincial Departments of Industry, Science, Technology & Innovation (DISTI) held a business forum, according to Khmer Times. The forum was also in collaboration with Baray Global Management (BGM) Company.
Titled ‘Opportunities and Readiness for Global Halal Markets’, the forum highlighted the potential of the halal industry and sought to encourage more production of local halal-compliant products. Its key objective was to support local producers and businesses in meeting international halal standards and facilitating access to global halal markets. This initiative is expected to foster inclusive growth within Cambodia’s halal industry, with benefits extending to a wide range of stakeholders, thus contributing to economic development and social well-being.
The forum, chaired by DISTI Director Huot Vantho and BGM Managing Director Pich Mony, took place in Takhmao City, Kandal province. The goal is to position Kandal Province as the leading hub for the halal industry in Cambodia, setting a benchmark for other provinces.
Mony underlined BGM’s support of making Cambodia an industry leader in halal: “Recognising the growth potential of the halal industry in neighbouring countries and globally, our company has initiated measures to help promote the halal industry in Cambodia.”
Mony also discussed the growing global demand and awareness of halal products. Not to mention, online marketplaces are also expanding access to halal products. “Global consumption is estimated to exceed US$2.5 trillion in 2024,” he said, citing data from the Islamic Chamber Research & Information Centre (ICRIC) and Cognitive Market Research.
While halal food is a significant component of the global halal market, other sectors are also experiencing substantial growth. Daily consumer goods account for over US$8 trillion, and the combined value of halal pharmaceuticals, halal cosmetics, and Shariah-compliant financial services exceeds US$2.4 trillion. The halal tourism sector contributes an estimated US$276 billion. With halal food projected to exceed US$5 trillion by 2030, other halal industries are also expected to see significant growth.
According to Mony, BGM will continue organising this business forum to engage with the broader Cambodian Islamic community, both nationally and internationally. In doing so, he urged BGM to collaborate with local and international business partners to enhance investment and support for Cambodia’s halal products and services development.
