Azerbaijan calls for stronger cooperation to develop halal economy

Azerbaijan called for closer international cooperation to unlock the potential of the global halal economy, saying challenges related to standards, certification, financing and digital transformation require coordinated action among Muslim countries and development institutions, said  Orhan Mammadov, chairman of Azerbaijan’s Small and Medium Business Development Agency at the Ashab Forum held on the sidelines of the Islamic Development Bank Group Annual Meetings in Baku. 

"The halal economy had expanded beyond food to include finance, cosmetics, tourism, logistics and digital technologies, creating new opportunities for investment and trade", - he said.

Mammadov added Islamic finance, with its focus on ethical principles and risk-sharing, could play an important role in supporting halal businesses, particularly small and medium-sized enterprises, and help mobilise investment across member countries.

Azerbaijan, located at the crossroads of Europe and Asia, aims to position itself as a regional hub for halal-oriented business and investment through reforms designed to improve the business environment and promote entrepreneurship, he said.

Mammadov invited development institutions, Islamic financial organisations, private sector companies and certification bodies to strengthen cooperation to develop halal value chains and facilitate trade.

N.Tebrizli