São Paulo – The consumption potential of Islamic countries is on the rise, and their growing population of young people means their economies should outperform those of European countries over the next few years. These are some of the information presented by Rubens Hannun, the Foreign Trade vice president of the Arab Brazilian Chamber of Commerce, during a lecture delivered this Friday (5th) at Brasília’s Rio Branco Institute.
The lecture is part of a course for diplomats which lasted from Monday (1st) until today. The course was offered in partnership by the Federation of Muslim Associations in Brazil (Fambras) and the Brazilian Ministry of External Relations, with backing from the Arab Chamber and the Institute of Arab Culture (Icarabe).
“The Islamic share is growing across most segments of consumption,” Hannun said in a telephone interview to ANBA. According to the executive, by 2018, their share in sectors such as food and cosmetics should be up 50%. “It really tends to grow. They have a very large population of young people, much larger than many countries,” said Hannun. For the sake of illustration, 52.5% of the Islamic population is under 24.
“The lowest population aging rates are in Muslim countries. Over time, they will have way more economically active people than European countries,” the vice president remarked.
In addition to the 22 Arab countries, whose populations are predominantly Muslim, the Islamic religion is also prevalent in some Asian countries. The world’s largest Islamic country, by the way, is Indonesia. Hannun noted that even among the least traditional young Muslims, known as futurists, religion plays a strong role.
And since the topic was consumption, Hannun also discussed the Arab Chamber’s role in trade relations between Brazil and the Arab countries. The executive explained the organization’s role in holding trade missions and exhibitions, and the importance of respecting the culture of Muslim consumers.
According to Hannun, in addition to officials from Brazil’s Ministry of External Relations, the course was also attended by people from other federal organizations such as the Brazilian Ministry of Development, Industry and Foreign Trade, Ministry of Agriculture, Ministry of Finance, Secretariat for Strategic Affairs, Central Bank, Ministry of Education, Ministry of Justice and Ministry of Defence, and by delegates from the embassies of South American countries in Brazil.
The Foreign Trade vice president’s lectured was titled "Trade Policy, Market and Exports – Islamic Consumer, Peculiarities and Commercial Engagement." Throughout the week, the course "Islamic World: Society, Culture and State” featured lectures from specialists on various aspects of the Islamic universe.
*Translated by Gabriel Pomerancblum
