Manila Invites Global Muslim Investors to Establish Halal Businesses in Philippines

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Manila Invites Global Muslim Investors to Establish Halal Businesses in Philippines

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ABU DHABI:The recent inauguration of the BAPS temple in Abu Dhabi by Prime Minister Narendra Modi highlights an interesting irony. This grand temple stands in the Muslim-majority UAE, where secularization is on the rise. This event comes shortly after the inauguration of the Ayodhya Ram Mandir in India. While Modi’s government in India blurs the lines between the state and Hindu faith and undermines minority rights, the UAE moves in the opposite direction. The UAE’s secularization, influencing Saudi Arabia as well, is a significant development in the Islamic world. This shift challenges India’s secular values. The UAE has attracted people of various religions and backgrounds to live and work there. Despite Islam being the official religion, the government allows diverse religious practices. Non-Muslims, forming a quarter of the population, have space to worship freely, with many churches, a synagogue, and a gurdwara present. Hindu gatherings and celebrations are also welcomed. The UAE’s tolerance extends beyond religion. Alcohol and pork are available, and Ramadan fasting rules are relaxed. Women have freedom in dress, and discrimination based on religion is rare. These progressive attitudes influence neighboring Saudi Arabia, where Mohammed bin Salman (MBS) is spearheading modernization efforts by reducing Islamic influence and cutting support for radical groups worldwide. This trend towards secularization in the UAE and potentially Saudi Arabia marks a significant shift in the Islamic world. For India, reduced Saudi funding for conservative mosques could lead to a return to moderate religious guidance for Indian Muslims. The UAE’s example challenges the Hindu nationalist dream of a Hindu majoritarian state, often compared to Saudi Arabia’s treatment of non-Muslims. Modi, at the temple inauguration, praised the UAE’s diversity, contrasting India’s fading secularism. As Hindu residents in UAE face this contrast, it prompts reflection on India’s trajectory. The writer, a private equity investor, emphasizes the importance of embracing diversity and secular values in both countries.
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MANILA: The Philippines is inviting global Muslim investors to establish halal businesses in the country, the Department of Trade and Industry said at the Philippine Halal Economy Festival in Manila.

The predominantly Catholic Philippines is aiming to position itself as an Asia-Pacific hub of the halal industry, seeking to tap into a global halal market estimated to be worth more than $7 trillion.

As Manila seeks to reach $4 billion in halal trade and investments over the next five years, Philippine lawmakers have also passed new regulations and amended older laws to facilitate foreign companies doing business in the country.

“These laws give more incentives to Muslim investors from around the world. We invite them to establish and operate their halal enterprises right here in the Philippines,” DTI Secretary Alfredo E. Pascual said on Wednesday.

One of those laws is the amended Foreign Investment Act, which allows qualified non-Philippine nationals to do business in the country or invest in a domestic company, Pascual added.

The Philippine Congress also amended the Retail Trade Liberalization Act, which lowered the ceiling for capital required from foreign-led retailers to set up shop in the Philippines, allowing smaller foreign businesses to open in the country.

“These ventures can cater to our vibrant domestic market or the burgeoning community of local halal consumers, which holds immense promise and potential,” he said, adding that the government was also seeking to create 120,000 new jobs in the halal sector.

The Philippines is home to around 7 million Muslims, most of whom live on the island of Mindanao and the Sulu archipelago in the country’s south, and in the central-western province of Palawan.

Pascual was speaking at the Philippine Halal Economy Festival, part of the Invest Philippine Week that brings together domestic and international investors to engage with Filipino businesses and officials.

“At the end of this series of investment promotion activities, we hope to create new business partnerships and investments. We want to signal that the new Philippines is open for business,” he said.

(https://arab.news/w6g68)

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