Halal Economy Leadership Forum 2024 Riyadh: IsDB, HPDC and HDC's Collaboration to Spearhead Innovation for Global Halal Industry

RIYADH, Saudi Arabia, May 6, 2024 /PRNewswire/ -- The Halal Economy Leadership Forum 2024 (HELF 2024) held recently in Riyadh, Saudi Arabia, set the stage for a momentous gathering of industry leaders, policymakers, and experts to advance discussions on the Halal Economy—a vital cornerstone of global commerce. Hosted jointly by the Halal Development Corporation (HDC), the Halal Products Development Company (HPDC), and Islamic Development Bank (IsDB), the event featured the significance of fostering collaboration and driving innovation in the halal industry.

The forum was attended by His Excellency Datuk Wan Zaidi Wan Abdullah, the Ambassador of Malaysia to the Kingdom of Saudi Arabia, representing Malaysia's Minister of Investment, Trade and Industry, The Hon. Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz. Also attended were President of IsDB, H.E. Dr. Muhammad Al Jasser, Mr. Fahad S. AlNuhait, Chief Executive Officer of HPDC and Chairman of HDC, Mr. Khairul Azwan Harun. This line-up showed the shared commitment of Malaysia and Saudi Arabia towards advancing the principles and values of the Halal Economy.

The Halal Economy, rooted in Islamic ethics and jurisprudence, spans across diverse industries such as food and beverage, pharmaceuticals, cosmetics, finance, and tourism, offering vast opportunities for economic growth and sustainable development. Malaysia, a global leader in the halal industry, has positioned itself as a hub for halal excellence through strategic initiatives and partnerships, facilitating trade and investment between the East and the West.

This strategic partnership aims to leverage the collective expertise and resources of the organizations involved to drive innovation, facilitate trade, and promote economic development within the halal industry across 57 Member Countries and Non-member Countries.

Quoting Tengku Datuk Seri Utama Zafrul's speech read by H.E Datuk Wan Zaidi, he emphasized the importance of collaboration in advancing the halal economy, stating, "This tripartite collaboration signifies a significant step forward in our efforts to strengthen the halal ecosystem and promote inclusive economic growth among IsDB Member Countries and beyond."

Part of the HELF 2024, a Business-to-Business (B2B) networking session hosted by the HPDC was held for the Malaysian delegates. Both the B2B and HELF 2024 managed to achieve its target to help the industry players gain insights and acquire knowledge on Halal, as well as sourcing or securing new strategic partnerships for businesses. Among the countries that show interest in getting HDC's expertise are Nigeria, Pakistan, Mauritius, Morocco, Rwanda, and South Africa.

The outcome of this collaboration is to offer IsDB Member Countries and non-member countries the best solutions in the Halal Ecosystem Development & Enablement. This includes utilizing financial instruments available to address intra-trade deficits and capitalize on potential markets. The forum also outlines joint efforts to develop a high-quality halal products ecosystem and analyze successful halal ecosystem models and market solutions.

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