KARACHI: Pakistan is indeed a special trading partner for the Malaysian palm oil industry, said Datuk Amar Douglas Uggah Embas, the minister of Malaysian Plantation Industries and Commodities.
In 2012, total imports of Malaysian palm oil and palm oil products by Pakistan was recorded at 1.44 million tonnes, valued at $1.34 billion, the Malaysian minister said. This makes Pakistan the fifth largest exports destination for Malaysian palm oil, he added.
The minister presided the third Malaysia-Pakistan Palm Oil Trade Fair and Seminar (POTS) at a local hotel here on Thursday.
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.
This event also allows the private sectors from both countries to identify issues and measures that will contribute towards enhancing trade in palm oil.
In addition, 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 at the seminar includes renowned local industry captains, as well as international experts from Malaysia, Germany and the United Kingdom.
The papers presented at this seminar cover a range of topics from market situation, trade, nutritional applications and price outlook. This event attracted over 250 participants from both Malaysia and Pakistan.
In his keynote address at this seminar, Datuk Amar Douglas Uggah Embas informed that 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.
Pakistan is among the first export destinations in which Malaysia has major investments in bulking installation and refineries, with the latest project being the liquid cargo jetty dedicated for the handling of palm oil.
In this context, Datuk Amar Douglas Uggah Embas expressed the view that there are ample opportunities for the private sectors of both countries to synergise, taking into account Pakistan’s strategic geographical location.
Datuk Amar Douglas Uggah Embas also urged more Malaysian companies to collaborate with local Pakistani companies in developing other areas in the oils and fats trade, including oleochemicals, biomass utilisation 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.
Malaysia-Pakistan POTS 2014 is the 32nd of its series since its introduction in 2006. This event is organised in Pakistan for the 3rd time to address the oils and fats trade. Malaysia-Pakistan POTS 2014 is organised jointly by Malaysian Palm Oil Council (MPOC) and Malaysian Palm Oil Board (MPOB), with the support from the Pakistan Vanaspati Manufacturers Association (PVMA), Pakistan Edible Oil Refiners Association (PEORA) and Pakistan Soap Manufacturers Association (PSMA).
Source : Daily Times