Indonesia has a big opportunity to become a renown halal producer at the international level, according to Coordinating Minister for Economic Affairs Airlangga Hartato.
Indonesia could also become the biggest market for global halal products by utilizing the advantage of demographic bonuses and its status as a country with the biggest muslim population in the world, Hartarto said in a statement on Sunday.
Indonesia had 229,6 million muslim population in 2020 and their spending for halal products and services reached US$184 billion in 2020. This figure is estimated to reach US$281,6 billion by 2025, he informed.
"As a result, this is a large market," he remarked during the 2022 Indonesia Halal Industry Award (IHYA) held here on Sunday.
Observing this large potential, Hartarto emphasized the need for repositioning so that Indonesia does not just become a market target, but it should also able to improve its halal production.
This repositioning is also necessary so that Indonesia's halal industry has better competitive power as compared to other countries in the global market to pursue existing export potential, he added.
To this end, the Coordinating Ministry for Economic Affairs will continue to expedite the development of national halal industry sustainably to meet domestic and overseas demands.
Meanwhile, Hartarto lauded the 2022 IHYA which provides dissemination and education on halal industry in Indonesia.
"This 2022 IHYA activity is expected to be a form of dissemination and education as well as driver for domestic industry," he remarked.
The State of the Global Islamic Economy Report 2022 (SGIE) reported that Indonesia's syariah economy managed to rank fourth in the world.
Moreover, Indonesia is one of the biggest consumers of halal products which encompasses 11,34 percent of global halal spending.
Indonesia becomes the second biggest consumer of halal food in the world as well as fourth biggest consumer of halal cosmetics. (Antaranews)