Halal Industry is Fastest Growing Industry in World

The second day of this year's Sarajevo Business Forum (SBF) 2017 began with the panel discussion about current opportunities and potential for linking East Asia and South-Eastern Europe.

Franc But, head of Department for Bilateral Economic Cooperation at the Ministry of Foreign Affairs of Slovenia, said that Slovenia was seen as an important bridge that linked Europe, including South-Eastern Europe. He pointed out that Slovenia was a well-suited country to explain the geopolitical climate if one was to take into account the fact that his country was a part of Yugoslavia.

According to him, it is now difficult to say whether countries in the region are in the same position as they were after 26 years have passed, due to the fact that the situation has changed significantly, particularly in the context of Slovenia. He added that, as a small country, Slovenia had limited resources for cooperation in the global market, but the country was export-oriented which was best illustrated by the fact that their exports were higher than exports of all SEE countries considered together.

Member of the Parliament of Malaysia Noraini Ahmad said that Malaysia was a country with significant trading business and it was the 24th largest exporter in the world. She suggested that Bosnia and Herzegovina should consider the potential of the halal industry, noting that it was the fastest growing type of industry.

Ahmad pointed out that Malaysia recognized the benefits of this industry and the potential for cooperation with other countries, especially in terms of Islamic banking and pharmacy. According to her, halal is not only related to halal certificates, but is rather a business that generates profit.

She hopes that further development can spur the strategic development of the halal industry, adding that BiH can do more in terms of halal industry and the cooperation between Malaysia and Bosnia and Herzegovina can proceed in the desired direction.