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Thursday, March 30, 2023

Pakistan has potential to tap into trillion dollar halal food market

Pakistan Halal Authority can help Pakistan tap in the trillion-dollar halal food market through its effective implementation regime said Shibli Faraz.

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Chairing the 3rd Board of Governors meeting of the Pakistan Halal Authority, Federal Minister for Science and Technology said that through effective implementation of its regime, Pakistan Halal Authority can make Pakistan an active player in the trillion-dollar halal food market.

He stated that the avenues of exports in Malaysia and Gulf countries could be explored as there is a huge potential for Pakistan in the halal food market.

The minister highlighted that Pakistan has a nominal share in this emerging market which is mostly dominated by non Muslim countries.

The meeting also approved the different agenda items. Federal Minister stressed that regular board meetings are of pivotal importance for the functioning of any organization. He directed that Board meetings of all the organizations of the Ministry should be held at regular intervals.

Federal Minister stressed that the mission of PHA must be to facilitate and promote trade and commerce of Pakistan’s halal products in the national and international markets instead of money collection.

Earlier, Adviser to Prime Minister on Commence and investment, Abdul Razak Dawood had appreciated the ‘Fauji Meat Limited,’ the largest meat plant in Pakistan, on its approval by the government of Malaysia for exports.

Read More: Halal Meat: Pakistan’s great export potential?

This showed that international acceptability and demand of Pakistani meat was gradually increasing, the adviser had tweeted.

Earlier this year, Pakistan also won China’s approval for meat export after a private sector company set up a treatment facility to remove virus from export consignments.

“The Organic Meat Company has received approval and has been granted registration by the Chinese Customs authorities for export of heat-treated beef to China”, Company Secretary Abdul Quadir had announced in a notification sent to the Pakistan Stock Exchange (PSX) in April.

To make use of such a big potential market, Pakistan needs to mobilize all the institutions working for trade and export development to focus on those markets which have large population and higher meat consumption rates to enhance halal meat exports from Pakistan.

In the post-pandemic world, where countries are trying to cut down non-essential imports, demand for food imports remains intact and Pakistan’s meat industry has taken full advantage of it as the annual meat exports for the country have increased two-fold over the last decade from $152.4 million in FY11 to $304.2 million in FY20.