09/12/2016 (Bernama) - Local companies including multinationals and small and medium enterprises must focus their efforts on producing halal products and services in line with Malaysia's position as the international halal industry hub.

Deputy Minister of International Trade and Industry Datuk Ahmad Maslan said the halal market potential was huge with the increase in the number of consumers and services annually.

He said although the halal industry was estimated to be worth US$2.3 trillion, it only captured 20 per cent of the true potential.

"In terms of global halal industry potential, the value of trade is currently (estimated) at US$2.3 trillion which involves 1.8 billion Muslim population worldwide.

"This means there's still another 80 per cent chance for industry players to expand their market for halal products and Malaysian companies must grab this opportunity," he said.

He was speaking to reporters after a visit to Johor Corporation's halal factory at the Palm Oil Industrial Cluster (POIC) Tanjung Langsat Complex here, today.

Ahmad also said that Malaysia was already a well-known international halal industry hub and the government would continue its efforts to develop the industry to reach its full capacity.

He said the halal industry spanned five components -- food and drink, cosmetics and beauty, healthcare products, ingredients and palm oil related industry.

The halal industry contributed five per cent or RM39.4 billion to total exports last year, an increase of 4.5 per cent from RM37.7 billion in 2014.