The Indonesian Chamber of Commerce and Industry (Kadin) encourages Small and Medium Enterprises (SMEs) to increase and expand exports of halal products. Head of the Sharia Economic Agency of Kadin Indonesia, Taufan Rotorasiko said that Indonesian SMEs can export not only to Muslim countries, but are also expected to take advantage of the world export market that requires halal products, quality and health standards.
According to the Indonesia Halal Markets Report 2021/2022, the halal economy has the potential to increase Indonesia's Gross Domestic Product (GDP) by USD 5.1 billion (around IDR 72.9 trillion) per year through export and investment opportunities.
The halal industry, said Taufan, is growing positively amidst various global challenges. By 2021, there will be 1.9 billion Muslims worldwide spending around USD 2 trillion on halal products.
"The growth is almost 9 per cent (year on year) and is expected to increase to reach USD 4.96 trillion by 2030," said Taufan at The 5th International Halal Dialogue themed "Establishing New Market Opportunity from ASEAN to Global Halal Through Cooperation and Harmonisation of Halal Standard" at the Indonesia Sharia Economic Festival (ISEF), Wednesday (25/10/2023).
According to Taufan, the development of the halal economy is very important. Indonesia, as the country with the largest Muslim population in the world with more than 230 million people (about 87% of the total population) is a significant market for halal products. "This also means that Indonesia has great potential as a source of inclusive and sustainable economic growth through the development and expansion of the halal economy".
Taufan also said, to improve the halal product ecosystem, a complete and good synergy is needed so that Indonesian exporters, especially SMEs, can increase the export of halal goods to the world market.
"In the future, we also hope that Indonesia can become a global halal centre by 2024 and collaborate with countries in Southeast Asia to expand the vision of making ASEAN a global halal centre," he concluded.