Turkey has announced it is aiming to increase its share in the global halal market, and is looking to government policies and the private sector in which to do it.
Currently holding a 2 – 5 percent share, the country is looking to expand its foothold to 10 percent ($400 billion), of the market, which is dominated by Islamic Finance ($2 trillion), the halal food industry ($1 trillion), and halal tourism ($250 billion), with cosmetics, medicines and textiles making up the remainder of the market.
Yunus Ete, head of World Halal Summit, told the Anadolu Agency, “With our government’s policies and the efforts of the private sector, we can raise our share of the global halal market to 10 percent — $400 billion in a short period of time.
“Turkey’s share of the world’s halal sector varies between 2 percent and 5 percent. Our country’s share of the Islamic market is about $100 billion.”
The news comes ahead of today’s The World Halal Summit Istanbul (WHSI) and the 5th Organization of Islamic Cooperation (OIC) Halal Expo, which will play host to 150 brands, institutes and organizations from 57 countries.