Over the past two years, plant-based food consumption has grown by 49% across the EU, reaching a total sales volume of €3.6 billion.
The halal market is developing rapidly, and the development of the international halal economy cannot be ignored.
2025-05-15
Muslim countries have oil, supplying it to Western nations. Australia has cattle, sheep, and seafood, which can enter the global Muslim market. Trade and material exchange between the two sides are mutually beneficial. Malaysian and Australian food industry delegations held talks in Sydney to discuss various technical cooperation issues related to the international market, production, export, and transportation of halal food.
Malaysia's Minister of International Trade and Industry, Rafidah Aziz, stated that the global halal market is estimated to be worth over 2.5 trillion Australian dollars, with halal food alone accounting for over 600 billion. She addressed business delegations from both countries at a seminar titled "Modern Halal Food Development Opportunities." She explained that Malaysia and Australia each possess advantages: one boasts abundant agricultural, animal husbandry, and fishery resources, while the other boasts an international market for halal products. The two countries should collaborate closely, achieve mutual assistance and benefit, and pursue common development. A Malaysian halal food delegation, led by Minister Aziz, visited the three major exporting commercial cities of Sydney, Brisbane, and Perth within a week, meeting with food industry manufacturers and businesspeople and conducting field research for Malaysian investments.
The Malaysian delegation included Malacca Governor Ali Rustam, Director of the Malaysian Industrial Development Authority, Kanura Karan, and Director of the Malaysian External Trade Development Council, Nuharudin Nordin, as well as numerous government officials and major business and financial figures. Malaysia will provide Australia with legal regulations, business channels, certification management, and sales experience for halal food production to help Australian halal food enter the international market. Malaysia is situated between the vast Muslim food market and Australia's abundant food production base, which boasts extensive production experience and advanced technology and equipment. Minister Aziz stated, "Potential halal products from Australia entering the international market include not only beef and mutton, but also seafood, tropical fruits and vegetables, cocoa, and palm oil products, which can be categorized as both everyday foods and healthy and nourishing foods."
Sydney is the Pacific region's leading commercial port and ranks third globally after New York and London. Minister Aziz said, "During our meetings with New South Wales business representatives, we highlighted the advantages of investing and collaborating with Malaysia. We can help them enter the halal financial markets of Southeast Asia and West Asia." She explained to representatives of the Australian business and financial community the current state of contemporary Muslim banking, which has recently flourished in many regions, reaching record highs last year. Muslim banks, along with the halal financial market, have grown at a 13% rate, reaching a reserve base of $34 billion, compared to a mere 3% a few years ago. Ten years ago, Australian businesspeople were largely indifferent to the halal economy, but today they are flocking to the market to enter. Islamic finance in Malaysia now accounts for 20% of the country's financial management and is growing rapidly. She advised the Australian financial community, "Australian banks, especially those based in Sydney, should not miss this opportunity. Malaysia, with its mature experience, is willing to assist Australian counterparts in developing the Islamic financial market, with a focus on Asia and the Middle East."
The Malaysian halal business, industry, and finance delegation, led by Rafidah Aziz, brought new information on the global halal economy to neighboring Australia, fostering bilateral cooperation in developing the international halal food industry and accessing Islamic banking capital flows. The international halal economy has become a formidable force that cannot be ignored.