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Sri Mulyani: Indonesia's Halal Economy to Potentially Increase US$5.1M in GDP Each Year

Translator

Najla Nur Fauziyah

Editor

Laila Afifa

29 August 2023 16:11 WIB

 TEMPO.CO, Jakarta - Finance Minister Sri Mulyani Indrawati spoke up about the potential of Indonesia's halal economy. According to the Halal Market report cited by the minister, the halal economy is estimated to increase US$5.1 million of Indonesia's GDP each year.

"[Halal economy contributes] through the sky-high export and investment opportunities," said Sri Mulyani during the 7th Annual Islamic Finance Conference live streamed through the official YouTube channel of the Finance Ministry on Tuesday, August 29, 2023.

Sri Mulyani also mentioned that the potential arose from Indonesia's position as the world's biggest halal market with no less than 230 million Muslim citizens. "As the biggest Muslim [majority] country, the halal economy in Indonesia has great potential," she said.

In addition, the minister alluded to the upward trend of the global halal economy, whether from the production or consumption aspects. 

"There are 1.9 million Muslims globally consuming US$2 trillion of halal products throughout 2021. The value of halal products increased nearly by 9% compared to 2020," she said.

The global halal economy is projected to grow 7.8% by 2025. The value, Sri Mulyani mentioned, may reach around US$3 trillion. In 2030, the value of the global halal economy is estimated to reach US$4.96 trillion.

The rising popularity of halal products comes from the rising global awareness of health, hygiene, and production ethics. "We need to be aware that the benefits of adopting halal principles do not stop at religious commands," she concluded. 

SULTAN ABDURRAHMAN (Intern)

Editor's Choice: Indonesia Tops Halal Tourism in Global Muslim Travel Index 2023

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