Bulls n Bears Entrepreneurship Zone :: Profit-making idea: Halal industry offering attractive opportunities

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Profit-making idea is a series of short posts, each with a piece of
information that we think you might find useful: for investment, for growing
your company or to start a new business. 

Africa’s large Muslim population presents significant opportunities for
manufacturers of halal food, cosmetics, personal care and pharmaceutical
products. Although the word halal is often associated with food, it simply
refers to what is permissible in traditional Islamic law, and can be applied
to any product or service. Global Muslim consumption of the aforementioned
product categories is estimated at US$1.26tn a year.

One organisation eager to tap into the halal industry is Wesgro, the trade
and investment agency for South Africa’s Western Cape, which has a sizeable
Muslim community. It wants to establish the province as a prominent player
in the manufacturing of halal products.

Earlier in the year, Wesgro took five local halal companies on a trade
mission to Senegal, which culminated in a number of trade deals. Islam is
Senegal’s dominant religion, practiced by 92% of its 15 million people. The
country serves as a trade hub for the region’s landlocked territories, and
has also attracted regional business people due to is relatively stable
commercial environment.

“Our data shows that by maximising our reach into the growing global halal
market, Western Cape halal industry businesses could create 32,000 jobs,”
commented Alan Winde, the province’s minister of economic opportunities.—
Howwemadeitinafrica 



Dakar, Senegal

 

 

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