Prospects for achieving the Sustainable Development Goals 2030 Through A Proposed Halal Entrepreneurship Success Index (HESI)

Abstract

The Global Islamic Economy Indicator recognizes Malaysia as a global leader of the Islamic/Halal economy. Malaysia is also expanding its Islamic Economy and Business Ecosystem. Accordingly, the Ministry of Entrepreneur Development (MED) in Malaysia aims to produce a million small and medium enterprise (SME) entrepreneurs in 2019-2023. However, the Global Innovation Index in 2018 and 2019 ranked Malaysia in the 35th place globally, behind top Asian innovators like Singapore, South Korea, and Japan. This raises an important question: How can Malaysia foster its entrepreneurial economy using its advantageous position in the Halal industry? Malaysia must act now to prepare for a future led by innovation and technology. The country can use the Halal Entrepreneurship Success Scale to foster sustainable innovation and achieve the Sustainable Development Goals (SDGs). Measuring the success of Halal entrepreneurs in Malaysia can help it to achieve the SDGs. The religious background of Halal entrepreneurs motivates them to contribute positively to their society and environment. Halal entrepreneurship can be a driver of transformation that can help attain and deliver the SDGs while promoting sustainable economic growth. The findings of this paper can be useful to policy makers, regulators, practitioners, and academics.