Minister Of Finance Sri Mulyani Emphasizes Huge Potential Of Halal Industry For The National Economy

Illustration (Photo: Doc. Ministry of Finance)

JAKARTA - Minister of Finance (Menkeu) Sri Mulyani said that the halal industry sector has enormous potential to be developed continuously. This was conveyed by the Minister of Finance at the opening of The 9th ASEAN Universities International Conference on Islamic Finance which was broadcasted virtually.

“This is an alternative driver of world economic growth. The world's consumer demand for the halal industry is increasing every year," he said, Wednesday, November 17.

According to the Minister of Finance, based on data from the Global Islamic Economy Report, it shows that the expenditure of Muslim consumers for halal food and beverages, halal pharmaceuticals and cosmetics, as well as Muslim-friendly tourism and halal lifestyles in the 2019 period reached a value of 2.02 trillion US dollars.

Meanwhile, consumption of Indonesian halal products in 2019 reached US$144 billion, making Indonesia the largest consumer in this sector.

Then, the Muslim-friendly tourism sector makes Indonesia the 6th position in the world with a value of 11.2 billion US dollars. In the Muslim fashion sector, Indonesia is the third consumer in the world with a total consumption of US$16 billion. Then, the Indonesian halal pharmaceutical and cosmetic sector was ranked 6th and 2nd with a total expenditure of US$5.4 billion and US$4 billion, respectively.

"So this is all potential. Of course, this potential can only be enjoyed by those who are ready to develop to meet the ever-increasing demand,” she said.

Furthermore, the state treasurer revealed that the contribution of the halal industry to the national economy has also increased, seen from the increasing market share of the halal sector to GDP in 2016 by 24.3 percent to 24.86 percent in 2020.

"This development is supported by the government by establishing three halal industrial areas in Serang, Sidoarjo, and Bintan which will be developed into halal industrial clusters with the aim of becoming an international halal hub," he said.

In order to support the halal industry, the government said the Minister of Finance also implemented a halal certification policy through the Minister of Finance Regulation Number 57 of 2021 concerning Service Tariffs for the Public Service Agency of the Halal Product Guarantee Agency at the Ministry of Religion. The government also launched a program for exemption from halal certification fees, especially for MSMEs.

"This policy is expected to increase the efficiency and competitiveness of micro and small industries so as to be able to expand access to the halal industry not only in Indonesia, but also in the world," concluded the Minister of Finance.