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Sixth POTS revolves around enhancing Malaysian palm oil relationships
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Thursday, 01 August, 2019, 16 : 00 PM [IST]
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Our Bureau, Mumbai
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Malaysian Palm Oil: Enhancing Relationships and Harvesting Opportunities was the theme of the sixth essay of the Malaysia-India Palm Oil Trade Fair and Seminar (POTS), which took place in Mumbai recently.
Teresa Kok, primary industries minister, Malaysia, presided over the event, which aimed to bring together the various stakeholders in the palm oil industry to network and share the latest developments pertaining to this important industry, whilst imparting knowledge on the challenges, opportunities and prospects of palm oil in the global oils and fats market.
Speakers at the seminar were renowed industry captains and experts from Malaysia,
India and Germany. The papers presented covered topics on oils and fats ranging from market challenges to price outlook, and palm oil applications to health.
During her speech at the launch of the seminar, Kok said that the event itself, the sixth POTS organised in India reflected Malaysia’s appreciation of India and the importance of India to the Malaysian palm oil industry.
As at May 2019, the total Malaysian palm oil imported by India is 2.16 million tonne, an increase of 76 per cent compared to the corresponding period in 2019. This is due to the MICECA trade agreement signed between both governments, effective January 2019.
Palm oil in India is mainly used as a cooking oil for both the industrial and domestic sectors. The usage of palm oil can be expanded further to confectionery products such as chocolates, bakeries such as cookies and bread, nutraceutical derivatives, such as Vitamin A beta carotene and Vitamin E tocotrienols, cosmetics and pharmaceuticals.
Kok said, “The total trade between Malaysia and India has increased by 2.2 per cent to $15.56 billion in 2018 from $14.29 billion in 2017, comprising palm oil, oils and gas, automobiles, chemicals, and finished goods. Meanwhile, Malaysian foreign direct investment (FDI) in India from April 2000 to March 2019, stood at $932.19 million.
Commenting on the bilateral trade between Malaysia and India, she added, “India is one of our most important export destinations. We should also explore new areas for further cooperation and rejuvenate our business linkages and cooperation, to ensure continuous progress of the palm oil industry.”
“Over the years, a large number of world-renowned companies have collaborated with Malaysian partners through joint ventrues in the downstream sector. This is not only because of readily available palm oil and palm kernel oil, but also because Malaysia offers the right policies for the growth of palm oil business,” she added.
Kok also urged the private sectors of the two countries to explore areas for further cooperation and rejuvenate business linkages, in order to ensure continous progress of the bilateral trade between the two countries.
In the upstream sector, opportunities exist in technology innovation, farm mechnanisation, agricultural expertise and raw materials management. One such example is the development in genome sequencing for palm oil, where the related expertise in biotechnology has been made available. Such progression ultimately benefits breeders, producers and consumers of palm oil.
Malaysia-India POTS 2019 is the 58th of its series since its introduction in 2006. This is the sixth POTS held in India, to address the oils and fats trade community. Malaysia-India POTS 2019 is organised jointly by Malaysian Palm Oil Council (MPOC) and Malaysian Palm Oil Board (MPOB), with the support from the Solvent Extractors Association (SEA) of India.
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