MARKET DEVELOPMENT
Call On Palm Oil Refiners To Venture Into New Markets
Call On Palm Oil Refiners To Venture Into New Markets
23/11/2015 (Bernama) - Palm oil refiners ought to venture into new markets by chartering vessels in bringing palm oil finished products directly to the market place, instead of selling free on board to third parties.
Asserting the point, Plantation Industries and Commodities Minister Datuk Amar Douglas Uggah Embas said the refining and fractionation sub-sector is an important component in the palm oil production chain, boasting 57 palm oil refineries with a total annual refining capacity of about 27 million tonnes.
"Therefore, more emphasis should be placed on merchandising, promotion and marketing Malaysian products rather than on trading the same product from one party to the other.
"It is very crucial for the industry to continue to maintain and strengthen our existing market share," he said at the Palm Oil Refiners Association of Malaysia 40th anniversary dinner here Saturday night.
Uggah said that getting market access, enhancing Malaysian market competitiveness and ensuring high quality standards were important focal points in promoting the exports.
The Malaysian palm oil sector is an export-oriented industry as more than 90 per cent of Malaysian products are exported to diverse markets worldwide.
The industry is also an important foreign exchange revenue earner for the country with export earnings increased to RM66.1 billion in 2014 from RM14.9 billion in 2000.
Palm oil demand is projected to grow 40 per cent to about 78 million tonnes by 2020.
"In simple words, the world cannot do without palm oil. Our mission is therefore, to produce it sustainably and to market it competitively," he added.
Asserting the point, Plantation Industries and Commodities Minister Datuk Amar Douglas Uggah Embas said the refining and fractionation sub-sector is an important component in the palm oil production chain, boasting 57 palm oil refineries with a total annual refining capacity of about 27 million tonnes.
"Therefore, more emphasis should be placed on merchandising, promotion and marketing Malaysian products rather than on trading the same product from one party to the other.
"It is very crucial for the industry to continue to maintain and strengthen our existing market share," he said at the Palm Oil Refiners Association of Malaysia 40th anniversary dinner here Saturday night.
Uggah said that getting market access, enhancing Malaysian market competitiveness and ensuring high quality standards were important focal points in promoting the exports.
The Malaysian palm oil sector is an export-oriented industry as more than 90 per cent of Malaysian products are exported to diverse markets worldwide.
The industry is also an important foreign exchange revenue earner for the country with export earnings increased to RM66.1 billion in 2014 from RM14.9 billion in 2000.
Palm oil demand is projected to grow 40 per cent to about 78 million tonnes by 2020.
"In simple words, the world cannot do without palm oil. Our mission is therefore, to produce it sustainably and to market it competitively," he added.