Türkiye, Indonesia, Malaysia among top 20 halal economy exporters
Türkiye is one of only three member states of the Organization of Islamic Cooperation (OIC) that are among the world's top 20 halal economy exporters, according to a report released Tuesday by the intergovernmental organization.
It said the exports covered food, fashion, pharmaceuticals and cosmetics, with exports equaling $275 billion and imports totaling $338 billion.
“Only 18% of these imports were sourced intra-OIC, while only three OIC countries (Türkiye, Indonesia and Malaysia) made it to the top 20 exporters of halal economy products,” said the report, prepared by US-based market research and advisory firm DinarStandard.
ICDT Director General Latifa el Bouabdellaoui said the report aims to “inspire and empower OIC countries to act cohesively, promote inclusive growth and increase the OIC’s share in the halal trade and investments ecosystem with integrity and purpose.”
It added that the Muslim bloc is expected to spend $1.5 trillion on food consumption by 2026.
“This presents a strong window of opportunity for (the) OIC countries to ramp up production, leverage growing consumer demand for healthy and organic food products and adopt digitalization across the industry,” the report suggested.
Muslim bloc spent $141 billion on media and recreation
While the Islamic finance assets amounted to $3.32 trillion in 2020, the report said the OIC members made up six of the top 10 global markets for Muslim consumers spending on media and recreation last year.
Türkiye has also made it to the top five Muslim nations in the OIC Halal Economy Trade and Investment Index, which ranks member nations’ global and intra-OIC trading activity in halal-related sectors.
The index comprises 61 metrics organized into five components for each of the eight sectors of the Islamic economy, including Islamic finance, halal food, Muslim-friendly travel, modest fashion, media/recreation, halal pharmaceuticals, halal cosmetics and tertiary education.
The report recommends the OIC member states 20 actionable strategies to explore and implement, including national economic resilience building, intra-OIC/south-south cooperation, halal economy promotion and awareness, investment attraction and facilitation, and research and innovation with a focus on emerging technologies and capacity building.