KARACHI - Malaysian Plantation Industries and Commodities Minister Datuk Amar Douglas Uggah Embas has said that Pakistan is indeed a special trading partner for the Malaysian palm oil industry.
He officiated the third Malaysia-Pakistan Palm Oil Trade Fair and Seminar (POTS) at a local hotel. Datuk said Pakistan has always been the most consistent buyer of Malaysian palm oil products and palm oil has featured as a major component of the growing bilateral trade between the two countries. He said that there are ample opportunities for the private sectors of both countries to synergize, taking into account Pakistan’s strategic geographical location.
Datuk also urged more Malaysian companies to collaborate with Pakistani companies in developing other areas in the oils and fats trade, including oleo chemicals, biomass utilization and animal feed.
“Such efforts will definitely spur the growth of the Pakistani oils and fats industry and enhance further the trade between the two countries,” he added. Repetitive of Malaysian Palm Oil Council in Pakistan, Faisal Iqbal told the journalists Pakistan is importing around 2.2 million tons palm oil from Malaysia and Indonesia and the shares of both countries in our market are 60 and 40 percent respectively.
There is lot of opportunities in this sector because palm oil is used in many foods, dairy and other items. Palm Vitamin and Palm Cosmetics are upcoming products which are not available in the local market, he added. In 2012, total imports of Malaysian palm oil and palm oil products by Pakistan were recorded at 1.44 million tones, valued at USD 1.34 billion. This makes Pakistan the fifth largest exports destination for Malaysian palm oil. POTS Pakistan with the theme, Meeting Pakistan’s Emerging Oils and Fats Diversity through Malaysian Palm Oil, aims at bringing together various stakeholders in the oils and fats industries in Pakistan and Malaysia. In addition, this event is aimed at disseminating information on the latest developments in the palm oil industry.
The deliberations and recommendations at this seminar will also allow both the governments of Pakistan and Malaysia to consider mutually beneficial measures, including the review of import and export rates to facilitate trade in palm oil products, towards according advantage to the private sectors of both countries. Speakers of the seminar included renowned local industry captains, as well as international experts from Malaysia, Germany and the United Kingdom. The papers presented at this seminar covered a range of topics from market situation, trade, nutritional applications and price outlook. This event attracted over 250 participants from both Malaysia and Pakistan.
Source: The Nation
Malaysia is the world’s second largest producer and exporter of palm oil, as its production in 2013 was 19.21 million tons. Its export earnings in 2013 were $19.4 billion. The largest producer and exporter of palm oil is Indonesia, which produced 28.5 million tons of palm oil in 2012 and exported a total of 19 million tons in the same year.
According to the World Trade Organization, annual growth rate in the import of Malaysian palm oil and its fractions (excluding crude palm oil) to Pakistan remained 5% between 2008 and 2012. However, annual growth in the overall import of the same products in 2008-2012 was 15%. Pakistan’s total imports of palm oil and its fractions, excluding crude palm oil, were $1.7 billion in 2012.
Source: The Nation