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The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and Islamic Organisation for Food Security (IOFS) will work together for expansion of global halal market.
As a part of the move, a memorandum of understanding (MoU) was signed between the International Islamic Food Processing Association (IFPA) and FBCCI.
FBCCI President Mahbubul Alam and Director General of IOFS Mr Yerlan Baidaulet signed the agreement on behalf of their respective organisations at the FBCCI Icon in Dhaka on Monday.
FBCCI and IOFS have outlined their plans to enhance halal product availability and market penetration at a discussion before signing the MoU at the apex trade body's office.
FBCCI President Mahbubul Alam said that the halal market is growing in both Muslim and non-Muslim nations.
He said that a significant share of the halal industry came from OIC member nations, which was worth US$ 3.7 trillion in 2020.
In the fiscal year 2022-2023, halal products worth $843.03 million were exported from Bangladesh. A total of 70 percent of those were exported to several Muslim nations, he said.
"To provide local manufacturers and commercial companies with halal certificates and emblems, the government formed a Department of Halal Certification (DHC) under the Islamic Foundation in 2007. But, Halal certification in Bangladesh still faces significant obstacles," said the president of FBCCI.
He also said Bangladesh must make effective efforts to establish a notable presence in the domestic and global halal markets.
"We need to find ways to work together and coordinate with the different OIC bodies to make it easier to certify things as halal," he added.
Mr Mahbubul Alam said although Bangladesh has a large and well-built agricultural sector, inadequate supply chain infrastructure often results in significant post-harvest losses. It reduces the overall productivity and profitability of the sector.
He put emphasis on cooperation and investment from OIC member countries to improve the existing agriculture infrastructure and cold chain in Bangladesh.
The Director General of IOFS Yerlan Baidaulet praised Bangladesh for its revolutionary improvement in agro production.
"We are very proud to have such a member country like Bangladesh. We would like to have strong support and partnership with the private sector in the field of agriculture and food processing," he said.
"There is a huge potential in the halal market globally and it's growing tremendously. But, this market is dominated by Non-Muslim countries. It is the big time to grab the halal market," he added.
"Agri-business in Bangladesh remains a largely untapped area for diversification of economic activities which require huge foreign direct investment (FDI) to explore our local market and export potentials," Senior Vice-President of FBCCI Md Amin Helaly said.
As per the agreement, FBCCI will get membership services from IFPA which include access to IFPA Publications, invitations to various IFPA events, establishing business to business (B2B) agri-food cooperation among the private sector of the OIC countries, etc.
FBCCI Vice Presidents Khairul Huda Chopol, Joshoda Jibon Debnath, Rashadul Hossain Chowdhury, Md Munir Hossain, directors, business leaders, and distinguished guests were present at the programme.