CPD TALK : Halal Innovation Economy
The marketing of products and services in Muslim countries often presents a challenge for multinational corporations (MNCs) in terms of the political, economic and socio – cultural dimensions. At the same time, MNCs cannot ‘avoid’ targeting the Islamic World, as its represents almost 20% of the global population. This population is estimated to be in the region of 1.6 billion and with a sales market valued at about $560 billion a year and rising. The trade in Halal goods and services is one that Malaysian businesses can no longer ignore – especially in the areas of food & beverage, pharmaceuticals, logistics and cosmetics. With rising income levels and increasing demand for products in key Muslim markets, the Halal economy represents a new and exciting expansion opportunity for companies both large and small.