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A venture capital firm is raising funds to launch Europe's first industrial park for Islamic goods, tapping an under-served market worth up to 4 billion pounds ($6.27 billion) a year in Britain, its chairman said.

The Super Halal Industrial Park (SHIP) will be based in South Wales and will take three to five years to launch, said Mahesh Jayanarayan, chairman of Halal Industries, who chose Wales for the project because of its meat industries and affordable land prices.

The cost of the project would be 150 million pounds -- a sum he plans to raise in the capital markets, by sourcing government grants and by finding anchor-partners like supermarket chains and multinational food manufacturers to "cement the deal," he said.

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