BAKU, Azerbaijan, June 16. Realizing the potential of the halal economy requires closer regional integration, expanded trade and investment cooperation, and active private sector participation, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), Khalid Khalafalla, said at the 14th Islamic Development Bank (IsDB) Group Private Sector Forum, Trend's correspondent reports from the event.
"To realize this potential, stronger regional integration, better connectivity across the value chain, more active private sector participation, and increased trade and investment are necessary," he said.
According to Khalafalla, the halal economy is one of the most dynamically developing segments of the global economy today and has long since expanded beyond the food sector.
"Today, the halal economy encompasses not only food and consumer goods, but also manufacturing, logistics, tourism, pharmaceuticals, digital solutions, and sustainable industrial development," he noted.
He emphasized that growing global demand opens significant opportunities for IsDB member countries.
"The halal economy creates significant opportunities for investment, job creation, industrialization, and economic expansion in our member countries," the ICIEC CEO noted.
According to him, the IsDB Group views the halal economy as a strategic platform for economic diversification, private sector development, strengthening food security, and ensuring sustainable growth.
Khalafalla pointed out that the group is implementing a number of initiatives aimed at strengthening the halal ecosystem, including the development of halal industrial parks, experience-sharing programs, and support for national halal economy development strategies.
"These initiatives demonstrate our commitment to practical solutions that enhance competitiveness, sustainability, and regional cooperation within the halal ecosystem," he emphasized.
He also emphasized the importance of financial instruments and risk mitigation mechanisms for the industry's development.
"Creating a thriving halal economy requires modern strategies and policies, investment, trade, financing, and risk management mechanisms that will enable businesses to grow and enter new markets," Khalafallah said.
He stressed that investment and export credit insurance play a vital role in mitigating risks, facilitating cross-border trade, and attracting foreign direct investment.
In conclusion, the ICIEC CEO expressed hope that the forum will serve not only as a platform for discussion but also for developing specific investment and trade initiatives.
"Let us use this forum to move from discussion to practical implementation, strengthen partnerships, expand trade, and shape a more integrated halal economy," he added.
