Malaysian palm oil industry set to tap more opportunities in ASEAN market
22/06/2023 (The Sun Daily) - The Malaysian palm oil industry is poised to capitalise on the vast opportunities offered by the Philippines, Vietnam and Myanmar following a two-day trade and networking session hosted by the Malaysian Palm Oil Council (MPOC) this week.
The event on June 20-21, which brought together delegates from the three countries and Malaysian palm oil industry members, was aimed at fostering meaningful connections, exploring potential partnerships, and taking advantage of the market opportunities there.
MPOC chief executive officer Belvinder Sron said exports to the Asean region accounted for nine per cent of Malaysia’s total palm oil exports in 2022.
“The Philippines, Vietnam and Myanmar hold a significant market share of 80 per cent in the region, making their participation in this event crucial to its success,” she said in a statement today.
She noted that these countries witnessed a remarkable combined consumption of oils and fats, reaching about 4.5 million tonnes last year.
“Palm oil emerged as the most widely consumed oil, capturing over 60 per cent of the total oils and fats market share.
“It is noteworthy that almost all palm oil consumed in these countries is imported, presenting a tremendous opportunity for Malaysian palm oil companies,” she said.
Belvinder shared that the driving factors behind the growth potential in these markets are the robust expansion of the food and beverage sector, impressive gross domestic product growth, rising per capita income, rapid urbanisation, and an expanding population of middle-class consumers.
To fully capitalise on these prospects, MPOC has meticulously designed a comprehensive programme for the trade and networking session.
The agenda included six presentations, covering topics from the opportunities of palm oil in the Asean market to insights into the crude palm oil futures contract, and on Malaysian Sustainable Palm Oil (MSPO), where the buyers were briefed on the significance of sustainable palm oil production and the role of MSPO certification in ensuring a responsible and environmentally friendly palm oil industry in Malaysia.
MPOC also organised BizMatch, a business matching session connecting the delegates with reputable and reliable Malaysian palm oil suppliers, as well as a visit to an oil palm plantation and a bulking facility.
“The MPOC Trade and Networking Session represents a significant milestone in fortifying trade relationships and capitalising on the immense opportunities offered by the Philippines, Vietnam, and Myanmar,” she added.
The one-day event has brought together esteemed delegates from the Philippines, Vietnam, Myanmar and members of the Malaysian palm oil industry.
It is aimed at fostering meaningful connections, exploring potential partnerships, and capitalising on the extensive market opportunities presented by these countries.-Bernama