Volume of global Halal products trade estimated at $2 trillion

The Islamic Chamber of Commerce and Industry plans to launch a number of initiatives including the “Halal” project and the International Center for Operation and Development to assist in the creation of new jobs, as part of its 2014-2017 strategy.

The chamber is also looking into adopting regulations pertaining to the fund supporting members of the chamber. The decisions came on the sidelines of the 19th meeting of the Board of Directors of the Islamic Chamber of Commerce and Industry, the 52nd session of the Finance Committee of the Islamic Chamber, and the 30th session of the General Assembly of the Chamber, which concluded recently in Tunisia.

Fahad Al-Rabiah, deputy chairman of the Council of Saudi Chambers, stressed the need for the chamber to issue certificates for Halal products and put in place certain fees to strengthen the role of the chamber. He estimated the trade volume of halal products worldwide to be worth about two trillion dollars, of which 700 billion dollars is in the Islamic markets.

The vice-president of the Council of Saudi Chambers, who took part in the meeting as head of the Saudi delegation noted to the formation of a sub-committee to discuss the revitalization of the membership and the development of the financial resources of the chamber.

He acknowledged that the economic challenges facing the Arab and Islamic region require the interaction of all countries in the Islamic Chamber to push for Islamic economic cooperation efforts, overcome economic challenges, and address issues of community development in an active manner. Al-Rabiah also pointed to the importance of the development of the financial resources of the Islamic Chamber to enable it to play its role toward these issues.

He called for the strengthening of economic cooperation between Islamic countries and doubling the volume of trade exchange between them via the spread of greater trade and investment opportunities available in Islamic countries. For his part, Omar Bahalioh, secretary general of the International Trade Commission, stressed the need to collect dues from member states.

Regular payments or contributions would help meet the expenses of the activities and programs of the chamber in order to help it achieve its objectives in the region