Baku: The halal economy has today become one of the most dynamically developing sectors of the global economy, and stronger regional integration, investment and trade ties are required to unlock its potential, said Khalid Khalafalla, Chief Executive Officer of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), during the Ministerial Session titled 'Halal Economy for Sustainable Regional Integration' held as part of the Islamic Development Bank (IsDB) Group Annual Meetings 2026 in Baku, APA reports.

According to Azeri-Press news agency, Khalid Khalafalla stated that the halal economy is no longer limited to food and consumer products. He emphasized that this sector now extends beyond food products to include manufacturing, logistics, tourism, pharmaceuticals, digital solutions, and sustainable industrial development.

Khalafalla highlighted the significant opportunities the halal economy offers for member countries in terms of investment, job creation, industrialization, and trade expansion. He underscored the need for stronger regional integration, greater coordination across value chains, and increased trade and investment flows to fully realize the potential of the halal economy.

The Islamic Development Bank Group perceives the halal economy as a strategic platform for economic diversification, private sector development, food security, and sustainable growth. Khalafalla mentioned that the IsDB Group is implementing various initiatives to support the development of halal ecosystems in member countries, noting that the development of the halal economy requires not just strategies and policies, but also investment, trade, finance, and risk mitigation mechanisms.

He underscored the role of ICIEC in reducing investment and trade risks, insuring export credits, and promoting cross-border investments. Reliable financial and insurance mechanisms are deemed essential for businesses to enter new markets, attract investment, and strengthen the halal value chain.

Khalafalla concluded by stressing that the forum should serve not only as a platform for discussion but also as a means to create concrete outcomes and opportunities for cooperation. He expressed the goal to build stronger partnerships, increase investment, expand trade opportunities, and develop an integrated halal economy that generates real economic results for member countries.