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FBCCI, IOFS join forces to expand halal market opportunities

FBCCI, IOFS join forces to expand halal market opportunities

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the Islamic Organization for Food Security (IOFS) have set their sights on expanding the global Halal market together. Both the FBCCI and IOFS have outlined their plans to enhance halal product availability and market penetration at a discussion meeting held at the FBCCI Icon in Dhaka on Monday (Aug 21). FBCCI President Mahbubul Alam said that the halal market is growing in both muslim and non-muslim nations. A significant share of the halal industry came from OIC member nations, which was worth $3.7 trillion in 2020, said a press release.

In the fiscal year 2022-2023, $843.03 million worth of halal products were exported from Bangladesh, with 70 percent of those exports going to muslim nations.

The FBCCI President said, "To provide local manufacturers and commercial companies with halal certificates and emblems, the government formed a Department of Halal Certification (DHC) under the Islamic Foundation in 2007. But, Halal certification in Bangladesh still faces significant obstacles."

He said Bangladesh must make effective efforts to establish a notable presence in the domestic and global halal markets. "We need to find ways to work together and coordinate with the different OIC bodies to make it easier to certify things as halal."

Mahbubul Alam said although Bangladesh has a large and well-built agricultural sector, inadequate supply chain infrastructure often results in significant post-harvest losses, reducing the overall productivity and profitability of the sector.

He sought cooperation and investment from OIC member countries to improve the existing agriculture infrastructure and cold chain in Bangladesh.

The Director General of IOFS Professor Yerlan Baidaulet praised Bangladesh for the revolutionary improvement in agro production. He said, "We're very proud to have such a member country like Bangladesh. We would like to have strong support and partnership with the private sector in the field of agriculture and food processing."

Baidaulet said there is huge potential in the halal market globally and it's growing tremendously. "But, this market is dominated by non-muslim countries. It is the high time to grab the halal market."

FBCCI senior vice president Md. Amin Helaly said, "Agri-business in Bangladesh remains a largely untapped area for diversification of economic activities which require huge FDI to explore our local market and export potentials."

Meanwhile, a Memorandum of Understanding (MoU) was signed between the International Islamic Food Processing Association (IFPA) and FBCCI. FBCCI President Mahbubul Alam and Director General of IOFS Yealan Baidaulet signed the instrument on behalf of their respective organizations. Under the MoU, FBCCI will get membership services from IFPA which include access to IFPA publications; invitations to various IFPA events; establishing B2B agri-food cooperation between the private sector of the OIC countries.

FBCCI Vice-President Khairul Huda Chopol, Joshoda Jibon Deb Nath, Rashadul Hossain Chowdhury (Ronni), Md. Munir Hossain, directors, business leaders, and distinguished guests were present at the program.