Bank Indonesia: Halal Food Industry to Reach US$1.8tn by 2023

TEMPO.CO, Jakarta - Bank Indonesia Governor Perry Warjiyo projected that halal food industry will be worth US$1.8 trillion by the end of 2023 as reported recently by Global Islamic Economy Report 2019/2020.

According to Perry, the figure could be achieved because of the increasing potential market of the global halal industry. “This is in line with the rising population of Muslim at 1.84 billion or 24.4 percent of world’s population,” said Perry during the Indonesia International Halal Lifestyle (INHALIFE) conference in Jakarta, Thursday, November 14.

The potential of the development of sharia and halal business sector has become a lifestyle both for Muslim and non-Muslim. “Halal economy is not only focused on the religion Islam but also better product quality,” he added.

“The potential must be backed with anticipative measures to beat off several challenges such as digitalization development, as well as with international convergence, proper halal industry management and regulation across the world,” Perry remarked.

This also includes sharia payment mechanism that is accountable and always produce halal products and service.

Perry went on to say that as one of the implementations of the halal industry development in the fashion sector, he will discuss potential of ethical and sustainable fashion in Indonesia in Indonesia Sharia Economic Festival (ISEF), which is held by the cooperation of Bank Indonesia, Indonesia Fashion Chamber (IFC), and Indonesia Halal Lifestyle Center (IHLC).

MUHAMMAD HENDARTYO