FBCCI, IOFS collaborate to expand halal market
Under the agreement, FBCCI will get help establishing agri-food cooperation within OIC countries
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the Islamic Organization for Food Security (IOFS) are collaborating to expand the global Halal market.
In a meeting held at the FBCCI Icon in Dhaka on Monday, both organisations also detailed plans to bolster Halal product availability and market reach, said a press release.
To boost their partnership, the FBCCI and IFPA—a subsidiary of IOFS—have signed a Memorandum of Understanding. FBCCI President Mahbubul Alam and Director General of IOFS Yerlan Baidaulet signed the agreement on behalf of their respective organisations.
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The agreement provides FBCCI with IFPA membership benefits, including access to publications, event invitations, and the establishment of agri-food cooperation within OIC countries.
FBCCI President, Mahbubul Alam, highlighted the growth of the Halal market in Muslim and non-Muslim nations. The OIC member nations contributed significantly, with a value of $3.7 trillion in 2020. Bangladesh exported Halal products worth $843.03 million in FY 2022-23, mainly to Muslim countries.
Despite the formation of the Department of Halal Certification (DHC) under the Islamic Foundation in 2007, Halal certification in Bangladesh faces obstacles. The FBCCI president emphasised the need for collaboration among OIC bodies to facilitate easier Halal certification.
Acknowledging Bangladesh's strong agricultural sector, Mahbubul Alam stressed the need for improved supply chain infrastructure to minimise post-harvest losses and enhance productivity. He encouraged investment from OIC member countries in Bangladesh's agricultural infrastructure.
IOFS Director General, Professor Yerlan Baidaulet, commended Bangladesh's agricultural advancements and expressed interest in partnering with the private sector for agri-production and food processing.
FBCCI Senior Vice-President, Md Amin Helaly, highlighted the untapped potential of agri-business in Bangladesh and the necessity for significant foreign direct investment (FDI) to explore local and export markets.
