Govt Wants Pakistani Halal Businesses to Compete Globally

The Pakistani government is encouraging its halal businesses to venture into global markets, with a strategic focus on identifying specific industries and countries where local companies can thrive and expand. Finance Minister Muhammad Aurangzeb underscored this initiative during a meeting with Shaikh Yousef Hassan Khalawi, the Secretary-General of the Islamic Chamber of Commerce, where they deliberated on bolstering Pakistan's global footprint in the halal economy.

Khalawi provided an update on the chamber's outreach to diverse business communities, including those in non-OIC nations, and its ongoing efforts to forge connections between Muslim businesses and key private-sector and institutional partners. Together, they explored prospects for Pakistan to fortify its presence in the global halal economy, encompassing sectors like halal food, fashion, tourism, services, and other consumer markets.

Aurangzeb emphasized the necessity of shifting away from a generalized approach to the halal sector and instead pinpointing particular products, industries, and international markets where Pakistani businesses could excel and grow. The discussion also encompassed Pakistan's Islamic finance sector and potential collaborations with international platforms dedicated to Islamic economics and finance.

Both parties stressed the importance of devising commercially viable opportunities and enhancing market access for Pakistani businesses. Khalawi shared insights from international experiences in halal business development, sustainable tourism, and Islamic economic cooperation, emphasizing the critical role of aligning sector-specific opportunities with global demand.

They also deliberated on international conferences, business forums, and other platforms that could serve as conduits to link Pakistani businesses with global counterparts.

Aurangzeb highlighted the ongoing engagement with the private sector as crucial for identifying practical collaboration avenues and encouraged a strengthening of ties between Pakistani businesses and international networks, facilitated by the Islamic Chamber.