MARKET DEVELOPMENT
Pak-Malaysia Private Sector Coordination Suggested
Pak-Malaysia Private Sector Coordination Suggested
17/01/2014 (Business Recorder) - Malaysian minister at a press conference on Thursday suggested to Malaysian companies to collaborate with Pakistani companies in developing other areas in the oils and fats trade, including oleo chemicals, biomass utilisation and animal feed.
"Malaysian companies co-ordination with Pakistani entities would definitely spur the growth of the Pakistani oils and fats industry and enhance trade further between the two countries, Said Malaysian Minister of Plantation, Industries and Commodities, Datuk Amar Douglas Uggah Embas, while addressing at press conference during "Malaysia-Pakistan palm Oil Trade Fair and Seminar (POTS)" held at a hotel on Thursday.
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 for the handling of palm oil, he said. In this context, there are ample opportunities for the private sectors of both the countries to develop trade taking into account Pakistan's strategic geographical location. he added.
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 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 the countries. Datuk Amar added.
He further said, in 2012, total imports of Malaysian palm oil and palm oil products by Pakistan were recorded at 1.44 million tones, valued at USD 1.34 billion. This makes Pakistan the fifth largest exports destination for Malaysian palm oil. High Commissioner of Malaysia, Dr Hasrul Sani Mujtabar, Council General of Malaysia in Karachi, Abu Baker Mamat, Chairman of Malaysia palm Oil Dato Lee Yeow Chor, CEO Malaysian Palm Oil Council Tan Sri Datuk Dr Yousaf Basiron and Director General of Malaysian palm Oil Board Datuk Dr Choo Yuen May were also present on the occasion.
Dr Hasrul Sani Mujtabar informed that Pakistan is indeed a special trading partner for the Malaysian palm oil industry. 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,. he said.
Tan Sri Datuk Dr Yousaf Basiron said, 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.
Meanwhile speakers, at the seminar included renowned local industry captains, as well as international experts from Malaysia, Germany and the United Kingdom. The papers presented at this seminar covered a range of topics from market situation, trade, nutritional applications and price outlook. This event attracted over 250 participants from both Malaysia and Pakistan.
The event was jointly organized 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). The event was organized in Pakistan for the 3rd time to develop the oils and fats trade.
"Malaysian companies co-ordination with Pakistani entities would definitely spur the growth of the Pakistani oils and fats industry and enhance trade further between the two countries, Said Malaysian Minister of Plantation, Industries and Commodities, Datuk Amar Douglas Uggah Embas, while addressing at press conference during "Malaysia-Pakistan palm Oil Trade Fair and Seminar (POTS)" held at a hotel on Thursday.
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 for the handling of palm oil, he said. In this context, there are ample opportunities for the private sectors of both the countries to develop trade taking into account Pakistan's strategic geographical location. he added.
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 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 the countries. Datuk Amar added.
He further said, in 2012, total imports of Malaysian palm oil and palm oil products by Pakistan were recorded at 1.44 million tones, valued at USD 1.34 billion. This makes Pakistan the fifth largest exports destination for Malaysian palm oil. High Commissioner of Malaysia, Dr Hasrul Sani Mujtabar, Council General of Malaysia in Karachi, Abu Baker Mamat, Chairman of Malaysia palm Oil Dato Lee Yeow Chor, CEO Malaysian Palm Oil Council Tan Sri Datuk Dr Yousaf Basiron and Director General of Malaysian palm Oil Board Datuk Dr Choo Yuen May were also present on the occasion.
Dr Hasrul Sani Mujtabar informed that Pakistan is indeed a special trading partner for the Malaysian palm oil industry. 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,. he said.
Tan Sri Datuk Dr Yousaf Basiron said, 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.
Meanwhile speakers, at the seminar included renowned local industry captains, as well as international experts from Malaysia, Germany and the United Kingdom. The papers presented at this seminar covered a range of topics from market situation, trade, nutritional applications and price outlook. This event attracted over 250 participants from both Malaysia and Pakistan.
The event was jointly organized 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). The event was organized in Pakistan for the 3rd time to develop the oils and fats trade.