ID :
157838
Wed, 01/19/2011 - 09:38
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Shortlink :
https://oananews.org//node/157838
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POTS 2011 TO HELP BOOST MALAYSIA-PAKISTAN TRADE TIES
From Wan Nor Azura Mior Abd Aziz
KARACHI, Jan 18 (Bernama) -- The second Malaysia-Pakistan Palm Oil Trade Fair and Seminar (POTS 2011) will further strengthen trade and address issues of common interest between Malaysian palm oil industry and the Pakistani industry stakeholders.
Minister of Plantation Industries and Commodities, Bernard Dompok, said
investments in edible oil refineries recently had boosted palm oil trade between
the two countries.
He said Pakistan's oils and fats markets had grown from 2.7 million tonnes in
2000 to 3.7 million tonnes last year and palm oil accounted for almost 50 per
cent of the total.
"Over the years, Pakistan has been the most consistent buyer of Malaysian palm
oil products, ranking among the five largest importers with volume of over two
million tonnes, or worth RM5.88 billion last year," he said at a joint press
conference after the opening of POTS 2011 here Tuesday.
Also present at the press conference were Pakistan's Minister of Industries and
Production, Mir Hazar Khan Bijrani, chairman of Malaysia Palm Oil Council, Lee
Yeow Chor and director-general of Malaysia Palm Oil Board, Dr Choo Yuen May.
Dompok said as a result, palm oil has now become a major component of the
growing bilateral trade.
"Growing import from the world's third-largest consumer suggests that demand
erosion scenarios may not play out despite high international prices for
vegetable oils which were the result of limited supplies available for export
from some of the major oilseed exporting countries," he said.
He said the free trade area agreement, which was implemented in 2008, has
boosted bilateral trade ties in several sectors, including palm oil, and had
benefited both countries.
Dompok said Malaysia and Pakistan had also explored cooperation in other areas,
including bulking installations, the latest project being the construction of
the liquid cargo jetty at Port Qasim.
"I believe there are many opportunities to be tapped, considering Pakistan’s
strategic geographical location in West Asia," he said.
Meanwhile, Dompok encouraged Malaysian companies to collaborate with Pakistan's
to develop other areas in the oils and fast trade, including oleo chemicals,
biomass utilisation and animal feeds, to further enhance bilateral trade.
On palm oil trade ties between the two countries, Dompok said Malaysian
companies had succeeded in having joint ventures with the Pakistani firms,
including the establishment of one of the largest refineries in Pakistan, MAPAK
Edible Oil Pte Ltd.
"Within the medium to longer term, there are excellent prospects for further
expansion of palm oil processing as well as diversification into downstream
activities such as oleo chemical production," he said.
In terms of exports, palm oil products generated a revenue of nearly RM50
billion for Malaysia in 2009 and RM60 billion last year.
Volume amounted to 23.05 million metric tonnes last year compared with 22.4
million metric tonnes in 2009.
In December, Pakistan imported 160,472 tonnes of palm oil, according to data
from cargo surveyor SGS (M) Bhd.
Palm oil prices had risen 42 per cent over the past six months, with the
benchmark crude palm oil contract on Bursa Malaysia Derivatives reaching
itshighest level in 34 months at RM3,905 a tonne on Jan 4, 2011 due to concerns
about tight global vegetable oil supplies.
Pakistan's usually buys around 125,000 tonnes of palm oil monthly.
The one-day seminar attracted 14 exhibitors from Malaysia and Pakistan.
(US$1=RM3.06)
-- BERNAMA
KARACHI, Jan 18 (Bernama) -- The second Malaysia-Pakistan Palm Oil Trade Fair and Seminar (POTS 2011) will further strengthen trade and address issues of common interest between Malaysian palm oil industry and the Pakistani industry stakeholders.
Minister of Plantation Industries and Commodities, Bernard Dompok, said
investments in edible oil refineries recently had boosted palm oil trade between
the two countries.
He said Pakistan's oils and fats markets had grown from 2.7 million tonnes in
2000 to 3.7 million tonnes last year and palm oil accounted for almost 50 per
cent of the total.
"Over the years, Pakistan has been the most consistent buyer of Malaysian palm
oil products, ranking among the five largest importers with volume of over two
million tonnes, or worth RM5.88 billion last year," he said at a joint press
conference after the opening of POTS 2011 here Tuesday.
Also present at the press conference were Pakistan's Minister of Industries and
Production, Mir Hazar Khan Bijrani, chairman of Malaysia Palm Oil Council, Lee
Yeow Chor and director-general of Malaysia Palm Oil Board, Dr Choo Yuen May.
Dompok said as a result, palm oil has now become a major component of the
growing bilateral trade.
"Growing import from the world's third-largest consumer suggests that demand
erosion scenarios may not play out despite high international prices for
vegetable oils which were the result of limited supplies available for export
from some of the major oilseed exporting countries," he said.
He said the free trade area agreement, which was implemented in 2008, has
boosted bilateral trade ties in several sectors, including palm oil, and had
benefited both countries.
Dompok said Malaysia and Pakistan had also explored cooperation in other areas,
including bulking installations, the latest project being the construction of
the liquid cargo jetty at Port Qasim.
"I believe there are many opportunities to be tapped, considering Pakistan’s
strategic geographical location in West Asia," he said.
Meanwhile, Dompok encouraged Malaysian companies to collaborate with Pakistan's
to develop other areas in the oils and fast trade, including oleo chemicals,
biomass utilisation and animal feeds, to further enhance bilateral trade.
On palm oil trade ties between the two countries, Dompok said Malaysian
companies had succeeded in having joint ventures with the Pakistani firms,
including the establishment of one of the largest refineries in Pakistan, MAPAK
Edible Oil Pte Ltd.
"Within the medium to longer term, there are excellent prospects for further
expansion of palm oil processing as well as diversification into downstream
activities such as oleo chemical production," he said.
In terms of exports, palm oil products generated a revenue of nearly RM50
billion for Malaysia in 2009 and RM60 billion last year.
Volume amounted to 23.05 million metric tonnes last year compared with 22.4
million metric tonnes in 2009.
In December, Pakistan imported 160,472 tonnes of palm oil, according to data
from cargo surveyor SGS (M) Bhd.
Palm oil prices had risen 42 per cent over the past six months, with the
benchmark crude palm oil contract on Bursa Malaysia Derivatives reaching
itshighest level in 34 months at RM3,905 a tonne on Jan 4, 2011 due to concerns
about tight global vegetable oil supplies.
Pakistan's usually buys around 125,000 tonnes of palm oil monthly.
The one-day seminar attracted 14 exhibitors from Malaysia and Pakistan.
(US$1=RM3.06)
-- BERNAMA
