President FPCCI Atif Ikram Sheikh has represented Pakistan’s private sector in Makkah Halal Forum 2024; and, has apprised that the global Halal foods market size has reached a whopping $2.5 trillion.
It doesn’t stop there as it will continue to grow at 13.5 percent per year for the next 10 years – resulting in an expected more than two-fold increase in the global market size to $5.8 trillion by the year 2033.
The highlight of the FPCCI delegation’s visit was the signing of the FPCCI-MANAFEA Agreement; which was witnessed by Majid bin Abdullah Al Qasabi, Commerce Minister of Saudi Arabia.
MANAFEA Partnership is a coalition of Makkah Chamber, Madina Chamber, Jeddah Chamber, Taif Chamber and Islamic Chamber of Commerce, Industry and Agriculture. The agreement is aimed at the enhancement of Pakistan’s export to OIC countries in general and Saudi Arabia in particular, he added.
Atif Ikram Sheikh explained that Pakistan has got all that it takes to swiftly claim its share in the global Halal foods market as all food products produced in Pakistan are Halal; and, no extra labour or costs will incur if we target more of that produce to export. Interestingly, the Halal foods market is growing in most countries – irrespective of whether Muslim or not.
FPCCI Chief stressed that the importance of the Makkah Halal Forum is such that 120 countries and 200 major exhibitors participated in the exhibition – with the theme “Innovation in Halal Industry.” He further said that Pakistan should aim to attain at least 1 percent of the market share over the next 3 – 5 years; and, that alone can mean exports of $25 billion as per the current market size. We cannot be left out of this humongous export potential, he added.
President FPCCI highlighted that tapping into GCC countries holds the key to multiplying Pakistani Halal foods exports; i.e. Saudi Arabia, UAE, Qatar, Kuwait, Bahrain and Oman; for the reason that Pakistan has very warm and brotherly relations with these countries – and, these countries are willing to help us to deal with our economic woes.
During the visit, Atif Ikram Sheikh held important meetings with Sheikh Abdullah Saleh Kamel, President Islamic Chamber of Commerce, Industry & Agriculture (ICCIA); Sheikh Khalifa Bin Jassim Bin Mohd Al-Thani, President Chamber of Commerce and Industry of Qatar & VP ICCIA; RİFAT Hisarciklioglu, President TOBB & VP ICCIA; Alhaji Dalbatu Abubakar, President CONSCCIMA; Ali Adji Mahamat Seid, President CCIAMA and Faman Toure, President CCI-COTE D’IVOIRE.
Notably, the FPCCI delegation also comprised Karim Aziz Malik, Chairman of Capital Office, FPCCI & Malik Sohail Hussain, Chairman of Coordination, FPCCI.