A new trade potential was discussed on Friday at the Türkiye-Saudi Arabia Business Forum in Istanbul as part of the 11th World Halal Summit in Istanbul.
Türkiye's Foreign Economic Relations Board's (DEIK) Türkiye-Saudi Arabia Business Forum, held as part of the event, discussed sectors and proposals that will increase trade between the two countries.
The event kicked off on Wednesday in Istanbul, bringing together sector participants under the main theme of "Strengthening Halal Industry via Innovation and Excellence."
The 11th edition of the World Halal Summit and Expo runs from November 26 to 29, under the auspices of the Turkish presidency, with the Organization of Islamic Cooperation (OIC) and several institutions, including the Turkish Trade Ministry and the Halal Accreditation Agency.
The forum, attended by leading representatives of the Turkish and Saudi business worlds, focused on new business areas, sectoral opportunities and investment potential that will increase trade volume between the two countries.
‘Halal economy, a strategic area’
Vice President Cevdet Yilmaz said on Friday that Türkiye is among the countries shaping the future of halal trade with its strong industrial infrastructure, qualified human resources and deep-rooted experience.
Yilmaz sent a video message to the summit to state that the growing global interest in halal products and services, goods and services prepared or offered in line with Islamic guidelines, demonstrates that the clean, safe and healthy production approach envisioned by Islam is socially and economically viable.
He added that the halal economy has now exceeded $7 trillion.
He stated that the size indicates that standards in the area have evolved into a structure that meets not only the needs of Muslim societies but also global consumer expectations.
"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.
"Our country played a leading role in establishing the Islamic Forum of Halal Accreditation Bodies, the international institution that will undertake the multilateral recognition of halal certificates based on OIC/SMIIC standards, contributing to the shaping of a framework that is considered a global reference," he said.
