BAKU, Azerbaijan, June 16. The halal industry
is currently a $3.5 trillion market, and this figure is expected to
reach $5 trillion by 2030, which represents massive economic
opportunities, Raja Badrulnizam, Chief Executive Officer of the
Malaysia External Trade Development Corporation (MATRADE), said,
Trend's
correspondent reports from the event.


He made the remark during an event titled "Champions of the
Halal Industry Driving Innovation, Trust, and Global Growth," held
as part of the Annual Meeting of the Islamic Development Bank
(IsDB) Group in Baku.


He noted that in the context of global development, every
country and business entity should initiate operations by keeping
the global market in mind from day one.


According to him, small and medium-sized enterprises (SMEs) must
be properly prepared, regulatory frameworks must be strengthened,
and public-private partnerships should be expanded.


Raja Badrulnizam emphasized that while halal certification plays
a vital role, this sector is not limited to certification
alone.


"The key focus here is on product standards, labeling, testing,
and compliance with market requirements," he stated.


The MATRADE head noted that through its 47 international
offices, the organization informs SMEs about market requirements,
entry conditions, and marketing opportunities.







According to him, cooperation with the Islamic Development Bank
(IsDB) under the "Reverse Linkage" program also plays an important
role in this direction.


He added that manufacturers should not merely limit themselves
to product development but must also thoroughly study the
requirements of their target markets.


Raja Badrulnizam emphasized that consumer interest in ethical
and responsible consumption has grown significantly today, and the
halal industry can play a crucial role in this area.


"Halal standards must also incorporate HACCP and other
international requirements, as well as align with the principles of
'toyyiban'—meaning pure and high-quality products," he said.


Concluding his speech, he noted that quality and consistency are
the main success factors in exports.


"Quality, consistency, transparency, trust, and the correct
certification standards are the fundamental conditions for success
in the export business," the MATRADE CEO added.