Thailand aims to become regional halal industry hub

- Thursday, 30/05/2024, 08:45

Thailand’s Ministry of Industry has established the Thai Halal Industry Centre (THIC) as an effort to turn the country into a regional leader in the production and export of halal products.

The world’s 2.3 trillion USD Halal market is projected to grow rapidly, reaching 2.8 trillion USD by 2025 with the increasing global Muslim population. 

Thai Minister of Industry Pimpatra Wichaikul said besides the establishment of the THIC, Thailand will enhance the standards and capabilities of domestic halal entrepreneurs. The ministry will also promote the expansion of exports including to potential global markets.

Thailand aims to become regional halal industry hub  -0
Thailand promotes Halal products. (Photo: nationthailand.com)

The food and beverage sector holds the largest market share, accounting for 63% of the total market value. The global halal food market is valued at approximately 1.4 trillion USD and is expected to double within five years, driven by the rapidly increasing global Muslim population.

Thai Prime Minister Srettha Thavisin signed the order for the establishment of the National Halal Industry Committee (NHIC) on April 17, 2024, and serves as its chairperson, with Nalinee Taveesin, the Thai Trade Representative, responsible for halal industry development, and Minister of Industry Pimpatra Wichaikul as its vice-chair.

The committee also includes representatives from 21 key agencies involved in Thailand's halal sector.

The NHIC is tasked with formulating policies and development strategies for halal products, integrating Thailand's unique “soft power”, and coordinating policies, measures, and plans to effectively drive the development of the country's halal industry. This aims to position Thailand as a leader in the production and export of halal products in the region.

According to Pimpatra, in the first year, the ministry will focus on advancing the Thai halal industry through three main missions, namely establishing the centre to support the ecosystem of Thailand's halal industry, enhancing awareness of its potential both domestically and internationally, and promoting trade and market expansion in the world./.

VNA