Samer Elesawi: Azerbaijan can become key player in regional halal economy

Azerbaijan has significant potential to develop regional halal value chains and attract new investment thanks to its strategic geographic location and its policy of economic diversification, Samer Elesawi, Head of the Center of Excellence of the Islamic Development Bank (IsDB) in Kuala Lumpur, said at a forum held as part of the IsDB Group Annual Meetings in Baku.

Report quotes him as saying Azerbaijan's well-developed transport connectivity with various regions of the world and the country's commitment to expanding economic opportunities create favorable conditions for strengthening its position in the global halal economy.

Elesawi noted that the halal economy is currently among the fastest-growing segments of the global economy. Spending by Muslim consumers in halal sectors is expected to exceed $3 trillion in the coming years.

"The future of the halal economy will increasingly depend on digitalization, mutual recognition of standards, the development of integrated logistics corridors, and the creation of sustainable regional value chains," he emphasized.

The IsDB representative added that the organization's member countries possess significant potential to expand trade, industrial cooperation, and investment interaction. At the same time, the sector's development continues to be hindered by differences in certification systems, infrastructure constraints, and insufficient integration into global supply chains.

He also announced the launch of the Global Islamic Economy Programme, which will be implemented jointly with Bank Negara Malaysia, INCEIF University and other partners. The initiative aims to prepare a new generation of specialists in Islamic economics and finance.

According to Elesawi, the Islamic Development Bank will continue supporting member countries in developing the halal economy through capacity-building programs, technical cooperation, and investment facilitation.