Chairman United Business Group in the Federation of Pakistan Chambers of Commerce and Industry, on Sunday urged the government to encourage the adoption of advanced technologies such as block chain and the internet of things (IoT) when developing halal economic master plans.
He added that with a higher level of halal trade, the halal economy is poised to become more integrated with global trade and supply chains, which will swell to $5 trillion by 2030 from $2.30 trillion a couple of years ago, while talking to a delegation of industrialists and traders.
The delegation led by Muhammad Umar called on him and discussed areas to enhance halal food production and it exports from the country, said a press release.
Shahzad Ali said the halal economy is witnessing an upward trend as the demand for halal products from Muslim and non-Muslim nations increases.
He said the main factors driving the halal industry are favourable population demographics, government policies and private sector initiatives.
He believes that non-Muslim demand for halal foods will increase due to its association with safe and healthy eating.
He said governments are strengthening regulatory and policy support through national master plans and certification scope expansion, which will boost the halal industry’s growth.
Shahzad Ali Malik said transparency and traceability along the halal product value chain are crucial.
He said to tap the growth potential of halal markets: global governments must seek to unify halal standards and accreditation processes to help reduce the number of certification requirements and promote halal commerce.
He urged Pakistani food manufacturers to work with technology companies to ensure timely delivery, given the growing trust of consumers worldwide.
He said halal food authorities in Pakistan must help identify a continuous flow of growth opportunities to succeed in an unpredictable future.
He said Pakistan must take slice in emerging global markets of halal products and can earn billions of dollars foreign exchange.
