MPOC Asks Malaysian Palm Oil Producers To Seek New Markets In West Africa

By Nurul Hanis Izmir ACCRA (Ghana), Oct 24 (Bernama) -- The Malaysian Palm Oil Council (MPOC) has asked Malaysian palm oil producers to look for new markets in West African countries, particularly Ghana. Chairman Lee Yeow Chor said currently West Africa’s Gulf of Guinea was facing a shortage of oils and fats. In fact, Ghana produces only 480,000 tonnes of it total requirement of 680,000 tonnes of oils and fats, he told reporters at the Malaysia-Ghana Palm Oil Trade Fair & Seminar 2017, here Monday. Lee said the MPOC had discussed with Ghana’s Ministry of Trade and Industry on incentives and government policies relating to joint ventures or sole ownership of enterprises for Malaysian companies who were keen to venture into its market. The government of Ghana has introduced incentives to promote foreign businesses, he said, adding that for example, agro-processing companies needed to pay only one per cent income tax for the first five years of their operations, besides corporate tax reduction compared to the normal 25 per cent. Lee said companies importing machinery for their operations could apply for duty-free tax. He said by setting up business in Ghana either through joint ventures or sole ownership, Malaysian companies could help create jobs for Ghanaian people. “So its a win-win situation. Although Ghana will have their own factories here, they still have to import palm oil for at least the next five to 10 years, and this is where Malaysian companies could benefit from,” he said. Having had a history of going abroad in Indonesia, Papa New Guinea, Nigeria and Latin American countries, he hopes Malaysian palm oil producers could increase exports to the West African region by 20 per cent from one million tonnes this year. At the event, Lee officially launched the MPOC Regional Office with the aim of assisting local businesses on the importation of palm oil from Malaysia, in getting to know Malaysian industry players that they would be interested to deal with, and in answering their queries on duties or shipping issues. Themed “Creating Mutual Partnership, Optimising and Expanding Palm Oil Opportunities in West Africa”, the seminar reflects the importance of strategic collaboration among industry members in serving the expanding Malaysian palm oil market. -- BERNAMA