DTI chief seeks more halal investments

MANILA, Philippines — Trade Secretary Alfredo Pascual is inviting Malaysian investors to explore opportunities in the country’s halal market, citing a growing demand for halal-certified products and services.

“I invite Malaysian investors to explore the burgeoning halal market in the Philippines. There is a growing demand for halal-certified products and services, not only in the food sector but also in banks, cosmetics, and pharmaceuticals,” Pascual said at the Philippine Business Opportunities Forum in Kuala Lumpur, Malaysia.

“As an authority in halal, Malaysia can play a crucial role as our major partner in developing this sector, as we aspire to be an active player in the global halal ecosystem,” he said.

In April, the DTI said it was looking at developing the country’s halal industry, emphasizing the opportunities in the industry brought by the growing Muslim population globally.

“We see halal food as a sunrise industry. The growing Muslim population is a strong demand driver of the halal economy. Estimated at 1.9 billion in 2020, Muslims are 25 percent of the world’s population and projected to grow up to two billion by 2030,” Pascual said earlier at the Philippine Trade Training Center – Global MSME Academy’s (PTTC-GMEA) National Halal Capacity Building Program.

He said this demographic trend presents huge opportunities to expand the halal export market and strengthen their investment source. Currently, halal countries are gaining attention as they pump investment into the development of the industry.

Apart from the halal market, Pascual also presented opportunities brought by its focus on four industrialization clusters.

For the industrial, manufacturing and transport (IMT) cluster, Pascual noted that the country is looking at investments in aerospace, automotive, semiconductors, and electronics.