He said improvements would be carried out based on data and scientific evidence of successful strategies and approaches.

Launching the World Halal Business Conference 2021 and Halal Integrated Platform (HIP) this morning, Ismail said the recovery plan, focusing on four phases aimed at reopening the economy by the end of the year, would be carried out in a safe and structured manner.

His speech was read out virtually by international trade and industry minister Azmin Ali.

Ismail said the halal industry was a catalyst for post-pandemic economic recovery and plays a key role in the process.

Citing the State of the Global Economic Report for 2020/2021, he noted that Muslim spending worldwide had decreased by 8% in various sectors of the Islamic economy since last year because of the pandemic.

“From an economic perspective, the global halal industry market size is projected to be worth US$5 trillion in 2030 from its current market value of US$3.1 trillion, taking into account non-Muslim consumers moving towards consuming halal products.

“The halal food and beverages industry alone is worth US$2.1 trillion, while the halal cosmetics and halal pharmaceuticals industries are collectively worth US$136 billion,” he said.

According to the Halal Development Corporation Bhd (HDC) report, Malaysia’s top three halal export products are food and beverages, ingredients, and cosmetics and personal care.

“Hence, there are immense opportunities in these halal industries, not only in terms of business but, more importantly, in catering to the sufficiency of a nation,” Ismail said.

“Towards this end, the HDC, which is tasked with spearheading the development of the national halal industry, has developed a framework under the Halal Industry Master Plan 2030 for the development of the country’s halal industry for the next 10 years.”

He said the plan would assist SMEs to venture into new potential business opportunities to gain domestic and international market access.