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Malaysia’s palm oil exports to India set to grow up to 10% this year
MUMBAI: Malaysia’s total export of palm oil and palm oil products to India is set to grow five to 10% this year from three million tonnes worth US$1.97bil in 2016, the Plantation Industries and Commodities Ministry said.
Minister Datuk Seri Mah Siew Keong said India and Malaysia have long historical and cultural ties, which have now developed into excellent diplomatic and trade relations.
The setting up of Malaysian Palm Oil Board’s (MPOB) research and technical services in Mumbai, scheduled to be ready by June this year, would further enhance the image of palm oil in India and subsequently raising its import of the commodity, he added.
India is currently the leading importer of Malaysian palm oil, ahead of China and the European Union.
“Even though the volume is only about 30% of the country’s total palm oil imports, we always value India’s supports and would like the trade between the two countries to sustain and grow further,” he said in a keynote address at a Networking Seminar held in conjunction with his first official visit to India at ITC Maratha Hotel here.
The seminar covered topics related to technical aspects of palm oil, regulatory issues, market challenges and the Indian economy in relation to the vegetable oil sector, with speakers made up of India’s captains of industry, and experts from the Malaysian Palm Oil Council (MPOC) and the MPOB.
India’s oils and fats market has grown by leaps and bounds from 7.2 million metric tonnes in 1993 to 23.28 million metric tonnes in 2016, almost tripling over the last 20 years. — Bernama
Source: http://www.thestar.com.my/business/business-news/2017/02/09/malaysias-palm-oil-exports-to-india-set-to-grow-up-to-10-this-year/#R82qADmoiAmzHI7q.99