Orkhan Mammadov: Azerbaijan seeks to connect regional, global halal markets

Azerbaijan views the development of the halal economy as a strategically important economic direction, Orkhan Mammadov, chairman of the Board of the Small and Medium Business Development Agency (KOBIA), said at the opening ceremony of the Halal Economy Leadership Forum (HELF), organized as part of the annual meetings of the Islamic Development Bank Group (IsDB) in Baku, Report informs.

"Located at the crossroads of Europe and Asia, Azerbaijan serves as a bridge between regional and global markets. The country's ongoing reforms aimed at improving the business climate, promoting entrepreneurship, and encouraging innovation are creating a favorable environment for business and investment in the halal sector," Mammadov emphasized.

He noted that the halal economy is currently one of the most dynamically developing segments of the global market.

"It has expanded significantly beyond the food industry and now includes the financial sector, pharmaceuticals, cosmetics, tourism, logistics, digital technologies, and a host of other areas. Serving a market of billions of consumers worldwide, the halal economy creates enormous opportunities for investment, entrepreneurship, trade, and innovation. However, to fully realize the potential of this ecosystem, deep international cooperation is necessary. Issues related to standardization, certification, market access, financial support, digital transformation, and building value chains cannot be resolved by the efforts of a single country," said Mammadov.

In his opinion, this requires collective leadership, a unified vision, and coordinated action.

"Islamic finance is a significant driver of the halal economy. As a financial system built on ethical principles, risk sharing, and ties to the real economy, Islamic finance can provide significant support to halal businesses, particularly small and medium-sized enterprises (SMEs). Expanding interaction between halal industry players and Islamic financial institutions will attract investment, simplify trade processes, and create new conditions for sustainable development in our member countries," added the head of KOBIA.