Bangladesh, Indonesia eye stronger trade ties through halal industries: Indonesian Envoy

Indonesian Ambassador to Bangladesh Listyowati today (8 June) said there is significant potential for expanding bilateral trade between Bangladesh and Indonesia beyond traditional sectors, particularly in halal products and services.

The envoy made the remarks at a meeting between the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and a high-level Indonesian business delegation in Motijheel, according to a press release. 

"The two countries could substantially enhance trade in a wide range of halal sectors, including processed foods, fashion products, pharmaceuticals, medical equipment, healthcare services, digital technologies and other emerging industries," the envoy said.

Highlighting the upcoming D-8 Halal Expo 2026, scheduled to be held in Jakarta from 8-12 July, Listyowati urged Bangladeshi businesses to participate.

She said the Indonesian Embassy in Dhaka would provide all necessary support.

At the meeting, Director General of Indonesia's National Committee for Islamic Economy and Finance (KNEKS) Putu Rahwidhiyasa said Indonesia is developing a comprehensive halal value chain and expressed optimism that the two countries could expand trade through halal-sector cooperation. 

Rahwidhiyasa also presented a report on the D-8 Halal Expo 2026.

According to the report, Indonesia ranked among the top 10 exporters in intra-OIC trade in 2022, trailing only Türkiye and the United Arab Emirates (UAE) among OIC member countries.

Indonesia currently ranks sixth globally in the Halal Economy Trade and Investment Index, while placing fourth in the halal food sector and sixth in fashion and apparel, highlighting the strength and diversity of its halal market.

The report also noted that halal food remains the largest contributor to the global halal economy.

Consumer spending on halal food in OIC countries reached approximately $1.24 trillion in 2023, with an estimated annual growth rate of 6.2%.

Spending on halal clothing, the second-largest segment, stood at $277.9 billion, with an annual growth rate projected at 6.8%.

FBCCI Secretary General Md Alamgir said Bangladesh and Indonesia enjoy strong trade relations despite a trade imbalance, adding that participation in the D-8 Halal Expo could help diversify bilateral trade and unlock new opportunities in the halal economy.