For Immediate Release
With the global Muslim population exceeding two billion, the Halal market represents a huge market for Hong Kong companies. This was the key message from experts at the “Understanding the Halal Market: Strategies for Unlocking Opportunities Forum,” co-hosted by the Hong Kong General Chamber of Commerce (HKGCC) and the Federation of Hong Kong Industries (FHKI) today.
The forum aimed to help local businesses chart a course for Hong Kong to leverage its unique strengths as a global hub to capture the immense potential of the Halal economy. Islamic financial assets are projected to grow to US$7.5 trillion by 2028. Furthermore, driven by 250 million Muslim travellers worldwide, the broader halal market is expected to reach US$4 trillion.
In his opening Keynote Address, Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region, emphasized the Government’s commitment to enhancing Hong Kong’s reputation as a premier Muslim-friendly destination.
“This includes leading high-level delegations, including local firms and companies from the Chinese Mainland, to Islamic nations, and actively promoting the Hong Kong brand – which symbolizes high quality, good value and professionalism,” he stated.
The forum explored Hong Kong’s pivotal role in Islamic finance and how local enterprises can tap into this growing sector. A key focus was the newly launched “Hong Kong Q-Mark Halal Scheme,” supporting the city’s tourism and hospitality industries by enhancing its appeal as a Muslim-friendly destination.
Hong Kong is implementing a comprehensive, three-pronged strategy focused on “accreditation, education and promotion” to position itself at the forefront of this opportunity.
HKGCC Chairman Agnes Chan said: “It is vital for Hong Kong’s industries to gain a thorough understanding of the specific needs of the Muslim community across finance, services and consumer goods.”
FHKI Chairman Anthony Lam added: “The rapid growth of emerging economies in the Middle East and Southeast Asia has driven an exponential rise in global demand for Halal products and services, creating immense opportunities.”
FHKI’s new “Hong Kong Q-Mark Halal Scheme,” initially designed to help the food and beverage sector adopt and implement the highest service standards that meet Halal requirements, will be progressively extended to other industries, further enhancing the city’s reputation as a leading “Muslim-Friendly Destination.”
David Eldon, Deputy Chairman, HSBC Asia Pacific, said: “Hong Kong is well-positioned to become a competitive halal and Islamic finance hub. The best way is to take the time to appreciate the various characteristics and differences within the global Muslim market. The city is heading in the right direction – it is execution that will count.”
The event drew a diverse audience of industry leaders from a range of sectors, including finance, commerce, tourism, and food and beverage.
During the panel discussion, a cross-section of speakers covered a range of critical topics, including strategies to solidify Hong Kong's position as an Islamic finance hub, leveraging the “Hong Kong Q-Mark Halal Scheme” to benefit the food and beverage, manufacturing and tourism industries, and the importance of talent development in supporting this growth.
Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region, speakers and representatives from HKGCC and FHKI, pose for a group photo.
Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region, emphasized the Government’s commitment to enhancing Hong Kong’s reputation as a premier Muslim-friendly destination.
David Eldon, Deputy Chairman, HSBC Asia Pacific, said: “Hong Kong is well-positioned to become a competitive halal and Islamic finance hub.”
A full-house for the HKGCC-FHKI forum “Understanding the Halal Market: Strategies for Unlocking Opportunities.”
L-R: Patrick Yeung, CEO of HKGCC; Anthony Lam, Chairman of FHKI; Jeffrey Lam, LegCo Representative of HKGCC; Saeed Uddin, Chairman of Incorporated Trustees of the Islamic Community Fund of Hong Kong; and David Yim, Managing Director, Head of Debt Capital Markets, Greater China & North Asia, of Standard Chartered Bank.
Media inquiries: Please contact Ms Chloe Lee at 2823-1297 / clee@chamber.org.hk