Good Trade Relations Key To Pushing Palm Oil Export To India

From Mohd Khairi Idham Amran HYDERABAD (India), May 19 (Bernama) -- The good trade relationship between Malaysia and India is the key to the latter being the largest importer of the country's palm oil. Malaysian Palm Oil Council (MPOC) Chief Executive Officer Dr Yusof Basiron said last year, India imported 40 per cent or 3.9 million tonnes of the commodity from Malaysia. "This made India the number one export destination of Malaysian palm oil, surpassing China. "Our (Malaysia) policy of maintaining good relations with other countries is very good and has helped open doors to trade growth, especially for palm oil," he told reporters after the launch of the Malaysia-India Palm Oil Seminar here Thursday. He said Malaysian palm oil has a long-standing trade history with India, and has increased in tandem with the country's population growth, while serving the additional need for oils and fats. He said the Malaysian palm oil industry is also consistently pursuing research and development in product application. This is while taking advantage of technology advancement, to continuously improve palm oil production as well as ensure continuous supply. Last year, palm oil was also the largest export component to India from Malaysia. It made up 25 per cent of the US$8.12 billion in total exports to India. Yusof said going forward, MPOC as the promoter of Malaysia palm oil overseas, would continue to engage with Indian palm oil industry players. "We will disseminate the necessary information to help raise interest in Malaysian palm oil and stimulate demand," he added. He also urged the private sector from both countries to explore new areas for further cooperation and rejuvenate business linkages to ensure continuous progress in bilateral trade. "There are available opportunities for companies to look into investments in downstream, higher value-added palm oil derivatives such as oleochemicals and nutraceuticals," he said. Meanwhile, themed, "Bridging the Supply/Demand Gap for India through Malaysian Palm Oil", the seminar is co-organised by MPOC and the Malaysian Palm Oil Board (MPOB). It is also aimed at providing a platform for both Malaysian and Indian palm oil industry players to gather and formulate strategic business plans and make the most of Malaysian palm oil in the vast, dynamic, diverse and robustly transcending Indian market. --BERNAMA