DPM Fadillah: Malaysia confident of higher palm oil, related products exports to China
14/11/2023 (Malay Mail), Shanghai - The Ministry of Plantation and Commodities is confident that Malaysia’s exports of palm oil and palm oil-related products to China will further increase this year, with higher demand particularly from the republic’s oleochemical and animal feed sectors that are growing rapidly.
Deputy Prime Minister Datuk Seri Fadillah Yusof, who is also the minister of plantation and commodities, said as part of Malaysia’s ongoing commitment to further strengthen this trade bridge with China, the country is proactively exploring innovative ways to maximise the value and versatility of palm oil and expand its reach in various markets.
“This trade reflects the essence of our partnership — mutual respect, understanding, and a shared vision for a sustainable, prosperous future. As one famous Chinese proverb reminds us: ‘A single tree does not make a forest; a single string cannot make music’.
“This beautifully encapsulates the collaborative spirit and mutual growth our two countries have experienced. Much like creating music with more than one string, the continuation and success of our palm oil trade rests on our joint efforts and harmonious relations,” he said in his keynote speech at the High-Level Roundtable meeting with Major Stakeholders of Palm Oil here, today.
Fadillah shared that last year alone, exports of palm oil and related products from Malaysia to China reached US$3.72 billion or RM14.86 billion.
This substantial number constituted 11.4 per cent of Malaysia’s total worldwide exports of palm derivatives, which equated to RM130.25 billion.
He emphasised that the bilateral trade is a win-win cooperation as it benefits both China and Malaysia and these included financial institutions, logistics companies, and other industries that have multiplier impacts.
“We should not overlook the employment opportunities generated by such direct and indirect sectors related to the palm oil trade. In this respect, we must continue to seek ways to improve the trade in palm oil, which is advantageous to both countries.
“This includes initiatives to fuel investments in research and development (R&D) initiatives aimed at introducing an array of new palm-based products to the global market,” he said, adding this included innovative palm-based nutraceutical and pharmaceutical products, and red palm oil which is known for its myriad health benefits,” he said.
Fadillah is on his maiden official visit to China from November 12-19 to strengthen cooperation in R&D as well as capacity building in the commodities sector, especially in promoting the Malaysian Sustainable Palm Oil (MSPO) certification scheme at the global level. — Bernama