Baku: The future of the halal economy depends on regional integration, Zehra Sel§uk, Director General of the Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC) operating under the Organization of Islamic Cooperation (OIC), and former Minister of Family, Labour and Social Services of Trkiye, during her speech at the session titled 'Strategic Leadership Dialogue on Ethical Halal Business Models and Risk-Resilient Financing' held as part of the Islamic Development Bank (IsDB) Group Annual Meetings in Baku, APA reports.

According to Azeri-Press news agency, Sel§uk emphasized that the future development of the halal economy will hinge on the establishment of effective links between finance, trade, investment, labor markets, standardization, and certification systems. She highlighted the strategic role that regional cooperation institutions can play in fortifying the integration of the halal ecosystem among OIC member states.

Sel§uk pointed out that the halal economy has evolved into a multi-trillion-dollar global ecosystem, spanning Islamic finance, halal food, tourism, pharmaceuticals, logistics, and other sectors. She noted that the size of the global halal market surpassed $7 trillion in 2023 and is projected to reach $11 trillion by 2028.

She further stated that OIC countries are home to approximately 81% of the world's Muslim population and account for about 80% of the global halal market. This presents significant opportunities for member states in terms of industrial development, integration of value chains, and deepening regional cooperation.

According to Sel§uk, it is crucial for member countries to establish more coordinated and integrated cooperation mechanisms to transform existing demand into production capacity, higher value-added exports, investments, and quality employment.