19/01/2011 (Daily Times), Karachi - The investments in edible oil refineries recently had boosted palm oil trade between Malaysia and Pakistan, Malaysian Minister of Plantation Industries and Commodities, Tan Sri Bernard Dompok said.

He said second Malaysia- Pakistan Palm Oil Trade Fair and Seminar (POTS 2011) in Karachi would further strengthen trade and address issues of common interest between Malaysian palm oil industry and Pakistan’s industry stakeholders.

He said Pakistan’s oils and fats markets had grown from 2.7 million tonnes in 2000 to 3.7 million tonnes last year and palm oil accounted for almost 50 percent of the total.

Pakistan has been most consistent buyer of Malaysian palm oil products, ranking among five largest importers with volume of over two million tones.

He said Free Trade Area agreement, which was implemented in 2008, has boosted bilateral trade ties in several sectors, including palm oil and benefited both countries.

Malaysia and Pakistan had also explored cooperation in other areas, including bulking installations, latest project being construction of liquid cargo jetty at Port Qasim.

He said Malaysian companies had succeeded in having joint ventures with Pakistani firms, including establishing one of largest refineries in Pakistan, MAPAK Edible Oil Pte Ltd.