MARKET DEVELOPMENT
14-10-2002
Keng Yaik To Led Palm Oil Misson To West Asia
KUALA LUMPUR, Oct 12 (Bernama) -- Primary Industries Minister Datuk SeriDr Lim Keng Yaik, will be leading a Malaysian Palm Oil Economic andTechnical Mission to Morocco, Egypt, Jordan and the United Arab Emiratesfrom Oct 13-29, 2002.This mission represents part of the continuous efforts of the governmenttopromote greater use of palm oil and to expand the market for Malaysianpalm oil and its products, the ministry said in a statement here Saturday.The mission becomes more significant in view of the rising trend of palmoil production and stiff competition from other oils and fats, it said.Morocco has the potential to become a significant market for Malaysianpalm oil as it relies heavily on imports to meet its domestic oil and fatsrequirement.With the reduction in import duties on vegetable oils instituted by theMoroccan Government in November 2000, palm oil now looks more accessibleinto the country.This is evident from the fact that imports of palm oil into Moroccoincreased from 8,000 tonnes in 2000 to almost 15,000 tonnes in 2001.As for Egypt, it is currently the biggest importer of Malaysian palm oilin Africa and West Asia, requiring some 1.2 million tonnes of oils andfats annually, while local production accounts for only 15 percent of therequirement.In 2001, Egypt imported 453,000 tonnes of palm oil from Malaysia, whichconstituted about 73 percent of its total palm oil import that year.Recognising the importance of the Egyptian market, the ministry said thatthe Malaysian government has offered Egypt a credit facility of US$25million under the Palm Oil Credit and Payment Arrangement (POCPA) scheme.As for Jordan and UAE, they represent Malaysia's traditional markets inWest Asia.Jordan has been importing palm oil of between 130,000 to 150,000 tonnes ayear, whereares UAE imports some 180,000 tonnes a year.The misison will hold discussions with the relevant Ministries, agencies,traders, manufacturers and distributors with a view to further enhancingbilateral trade, particularly in palm oil between Malaysia and the fourcountries.-- BERNAMA
