Halal consumer spending and investments in Islamic financial technologies are expected to increase, according to Tatarstan's President Rustem Minnihanov.
Islamic economies are an inseparable part of the global economy, the president said during his speech at the plenary session of 'Russia-Islamic World: Sharing economy and the common good of Halal' conference in Kazan, the capital of Republic of Tatarstan.
The conference was held within the framework of the 13th International Economic Summit 'Russia - Islamic World: Kazan Summit 2022', of which Anadolu Agency is the global communication partner.
There is a large market that is actively developing in the region, he said.
Mentioning the negative effects of the recent global economic challenges, Minnihanov said, 'However, there is a recovery in economic life, and increase is expected in halal consumer spending and investments in Islamic financial technologies.
Drawing attention to the growth in the halal industry, 'This year, the area of Russia Halal Expo 2022 exhibition, which was held within the framework of the Kazan Summit, doubled and reached 10,000 square meters,' the president said.
'The halal lifestyle is compatible with the behavior of people who prefer organic and safe food and adhere to social responsibility and environmental production principles,' Minnihanov said.
'It is not only food, it also includes tourism, medicine, fashion, information technologies and many more,' he said.
The president stated that the interest in halal medicine and cosmetics has increased in Tatarstan in the last couple of years.
He also said that there are organizations that certify chain hotels and tour operators as 'halal-friendly'.
- Summit key platform for interaction between Russia and Islamic countries
For the last thirteen years, the Kazan Summit has become a key place and a platform for the interaction between Russia and Islamic world, said Russian Minister of Economic Development Maxim Reshetnikov.
Russia is ready to develop trade and cooperation with Islamic countries, the minister said.
By Firdevs Yuksel in Kazan, Tatarstan