Highlighting new trade potential, the Turkey-Saudi Arabia Business Forum convened in Istanbul on Friday during the successful 11th World Halal Summit. Specifically, the forum, expertly organized by Turkey’s Foreign Economic Relations Board (DEIK), carefully discussed various strategic sectors and powerful proposals designed to significantly increase the bilateral trade volume between the two nations.
The World Halal Summit and Expo, which runs from 26 to 29 November, gathers industry leaders under the theme “Strengthening Halal Industry via Innovation and Excellence.” The event receives support from the Turkish presidency, the Organization of Islamic Cooperation (OIC), and various institutions, including the Turkish Trade Ministry and the Halal Accreditation Agency.
Focus on Investment and Sectoral Opportunities
The forum attracted prominent representatives from both the Turkish and Saudi business communities, with participants discussing new business areas, sectoral opportunities, and investment potential that could significantly boost trade volume between the two nations.
Vice President Cevdet Yilmaz addressed the summit via video message, emphasizing Turkey’s role in shaping the future of halal trade. He highlighted Turkey’s strong industrial infrastructure, qualified human resources, and extensive experience in the halal sector.
Yilmaz noted the increasing global interest in halal products and services, which adhere to Islamic guidelines. He stated, “The clean, safe, and healthy production approach envisioned by Islam is socially and economically viable.” He also revealed that the halal economy has now surpassed $7 trillion.
A Strategic Area for Cooperation
Yilmaz explained that this substantial market size indicates that halal standards have evolved to meet the needs of both Muslim societies and global consumer expectations. He remarked, “In this context, the halal economy has become a strategic area that enhances production quality, strengthens trust in trade, and creates new opportunities for cooperation among Islamic countries.”
He concluded by highlighting Turkey’s leadership role in establishing the Islamic Forum of Halal Accreditation Bodies. This international institution aims to facilitate the multilateral recognition of halal certificates based on OIC/SMIIC standards, contributing to a globally recognized framework.
In summary, the Turkey-Saudi Arabia Business Forum at the World Halal Summit marks a significant step towards enhancing bilateral trade and cooperation in the halal industry.
