Malaysia explores investment options in palm oil products

Font Size

Print

Feedback

Email

Discuss

Related Articles

SW Monsoon makes weathermen happySamsung launches digital projectors, photo framesGovt to summon steel firms on pricesIndia to host Global Agro-Industries Forum

Mumbai, May 29: There are opportunities to explore investments in downstream higher value added chain of palm oil such as in Oleochemicals, pharmaceutical, processed foods, bulking, specialised products and even consumer brands.

Speaking at the 2nd International Malaysia-India Palm oil Trade fair and seminar 2008 organised by Malaysian Palm oil Council (MPOC) in Mumbai, Datuk Peter China Fah Kui, Malaysian minister of plantation Industries and commodities said that Malaysia exported $330 million worth palm oil products to India (6% of the country’s total palm oil exports) in 2007.

“I hope with the development of the Comprehensive Economic Cooperation Agreement (CECA), both countries are working on, will further nurture and expedite the economic co-operation and trade that is built between both countries,” he said.

India’s per capita consumption in palm oil is expected to grow further on the back of economic development and this will provide huge business opportunity to partake and further develop the market, he added.

India’s per capita consumption of edible oil is currently as low as 12 kg compared with the global average of 22 kg.

“We need rice for our food security and India needs edible oil. Hence, it will be a good proposition to exchange the two commodities,” he said.

At present, Malaysia needs at least 5 lakh tonne rice to ensure the country’s food security.

“Malaysia and India could explore the imports of palm oil through state owned enterprises for public distribution. In Malaysia’s case, we could also explore imports of food products from India to complement domestic demand,” he said.