Ahmad Husaini

MyChef brand , had previously struck a deal with the Tokyo Olympics ’ F & B operator to supply halal food at the Athlete Village and spectators .

Olympics organisers said the final decision on domestic spectators will be concluded in April , affecting the games ’ revenue if the limitation is still being imposed .

The International Olympic Committee revealed in its new budget for the Olympics that the one-year delay has cost Japan US $ 2.8 billion ( RM11.61 billion ), a 22 per cent increase from the initial funding of US $ 12.6 billion .

The historic games ’ rescheduling will see the Olympics taking place from July 23 , with the Paralympics to follow from Aug 24 .

Despite FISB ’ s terminated deal , Ahmad Husaini said not all was lost as the company was able to turn to new opportunities .

He added that due to recognition the company received for potentially being able to supply for a large-scale event , FISB has secured two contracts worth RM6 million , delivering food to hospitals in Japan and conducting research and development ( R & D ) for Japan-based retail chains .

“ We have signed a contract with a private company that is supplying meals to hospitals in Japan . We intend to be their original equipment manufacturer and are expected to start giving in the third quarter this year .

“ Also , we secured a contract with AEON Co ( M ) Bhd for R & D and supplying halal Japanese food products ,” he said .

We have signed a contract with a private company that is supplying meals to hospitals in Japan . We intend to be their original equipment manufacturer and are expected to start giving in the third quarter this year . Also , we secured a contract with AEON Co ( M ) Bhd for R & D and supplying halal Japanese food products ,” – Ahmad Husaini

by SHAHEERA AZNAM SHAH

Before the pandemic , the halal market ’ s evolution from being marketed as Muslimcentred products to hygienic and quality products had created a multibillion-dollar market , which Malaysia planned to leverage .

With grand sports events held globally , coupled with the anticipated growth in consumer spending on halal products , the government had targeted export revenue for the industry to reach RM50 billion in 2020 .

“ After Malaysia achieved its initial expectation of the export revenue of RM19 billion back in 2014 , the government revised the target to RM50 billion , to be completed in 2020 , taking into consideration the economic situation in 2015 , which was better compared to the time before Covid-19 pandemic happened .

“ We did enjoy RM35 billion to RM40 billion a year of export performances for the past few years , which is about double the original target .

“ Now , with the supply chain disruptions on a global scale , which happened to almost all industries , we forecast Malaysia ’ s halal export for 2020 will register at RM31 billion ,” HDC CEO Hairol Ariffein Sahari told The Malaysian Reserve ( TMR ).

According to DinarStandard ’ s State of Global Islamic Economy Report 2020 / 2021 , Muslims ’ food purchases globally are expected to record a 0.2 % drop in 2020 from the US $ 1.17 trillion ( RM4.74 trillion ) recorded in 2019 .

Despite the decline , the report said a compound annual growth rate of 3.5 % is estimated between 2019 and 2024 for the halal

food industry , with total Muslim spending to reach US $ 1.38 trillion by 2024 , the report said .

TMR reported in November that the smaller number of selected crowds at the Olympics is also expected to significantly shave RM3.7 billion in targeted revenue from the sale of halal food and products to Japan by the end-2020 .

After a year spent on calibrating Malaysia ’ s halal industry ’ s direction , Hairol said HDC would continue to execute the strategies to promote new marketplaces for local players to latch on and facilitate business-to-business and business-to-consumer transactions .

“ Malaysia is still leading the halal economy , and for that , I do not think that there is a need for a revamp or a significant overhaul in the strategies as they are not broken .

“ However , I firmly believe that approaches need to be changed . Our industry players are in survival mode and dire need of cash .

“ As cash comes from sales , they need to be an effective player in the marketplace , whether it be via online or offline .”

The CEO added that Malaysia ’ s strategies to create a robust and sustainable halal ecosystem are still well intact and relevant , while success indicators remain valid .

As the global expansion is core to many industries ’ long-term target , halal industry players should be equally focused on the domestic halal market , still considered to be much untapped , Hairol said .

“ Getting into the international market is the ultimate goal for many business owners . The local industry players , Southeast Asia and Asia Pacific ’ s halal markets , are the prime focus due to the market size , geographical coverage and proximity .

“ These markets are more practical to our halal industry players because the acceptance of the products and supply cost is manageable .

“ However , never underestimate our local halal market . At the moment , it stands at RM280 billion and forecast to reach RM400 billion by 2030 .”