PUTRAJAYA: Halal industry stakeholders should embrace the Fourth Industrial Revolution (IR4.0) which offers possibilities to boost their industrial capacity, increase productivity and enhance efficiency, says the Prime Minister.
Datuk Seri Ismail Sabri Yaakob (pic) said machine learning, cloud computing and the Internet of Things (IOT) could greatly change the way that business activities were conducted.
He pointed out that opportunities in halal industries were immense citing the global halal industry market size projected to be worth US$5tril (RM20.74tril) by 2030 from its current market worth of US$3.1tril (RM12.86tril).
"Halal industry players should enhance trade ties among Muslim nations through multilateral and bilateral meetings, trade missions and free trade agreements so as to meet the demand of global Muslim and non-Muslim consumers.
"The adoption of halal standards should also be viewed as a value proposition instead of barriers to trade when venturing into new sources of economic growth in the halal industry as it serves as a catalyst for recovery in the post-pandemic global economy," he said in his keynote address at the World Halal Business Conference and the launch of Halal Integrated Platform on Thursday (Sept 9).
His speech was read by International Trade and Industry Minister Datuk Seri Mohd Azmin Ali.
The Prime Minister said Malaysia had put in place a National Recovery Plan, which focused on immediate solutions to challenges faced by the people, the small and medium enterprises and on mid-to long term goals that pertain to socio-economic sustainability.
"Malaysia’s halal industry is a key feature of the NRP with the recovery of the industry being paramount to the resilience of overall Muslim-majority national economy," he said.