14/04/2008 (Al Bawaba) - Global exports of Malaysian palm oil have reached 13.7 million tons, accounting for 26 per cent of the world’s oils and fats products consumption in 2007, which was recorded at 57.8 million tons, according to latest reports from the Malaysian Palm Oil Council (MPOC). As one of the product’s top destinations, the Middle East imported 1.4 million tons of Malaysian palm oil, which constituted 45 per cent of its overall imports of oils and fats products in the same year. With aims of further enhancing business opportunities in the Gulf, MPOC and the Malaysian Palm Oil Board (MPOB) have announced the first ‘Malaysia-UAE Palm Oil Trade Fair & Seminar’ (POTS) 2008, which will be held at the Grand Hyatt Dubai Hotel from May 26 - 27, 2008.

The increased usage of the product stems from its intrinsic qualities, which best meet today's consumers’ health and economic criteria. Relatively inexpensive and technically suitable for most food products, Malaysian palm oil is being used in manufacturing baked goods, instant noodles, crackers and other snacks. In the Middle East, producers of cooking oil have turned to blends with palm oil to diffuse the impact of high vegetable oil prices. Seeking to highlight the outstanding potential of Malaysian palm oil, dissertations and plenary lectures at the event will delve into the outlook of the regional palm oil industry and how producers and buyers can collaborate to strengthen the market in the Middle East.

“Regional demand has driven the growth of Malaysian palm oil, which now represents 47 per cent of market share in the global oils and fats industry,” said Ahmad Zafri Zawawi, Regional Director (West Asia), Malaysian Palm Oil Council (MPOC). “As one of the largest producer of palm oil in the world, the natural extension of our efforts to distinguish Malaysian palm oil as the best in the market is to further strengthen our product’s presence within the most profitable markets. Through the launch of this event, we aim to elevate the standing of Malaysian palm oil as the top driver of our GDP by further boosting our global palm oil export earning, which has reached RM 45.1 billion in 2007.”

Under the theme ‘Exceeding Expectations, Enriching Partnerships’, the event will bring together oils and fats marketers, traders, economists, government officials and industry professionals from the private sector. In addition, seminars within the event have been designed to encourage discussions on the prospects in the Gulf and to provide networking opportunities for the attendees, with visitors gaining first hand experience to the latest palm oil products and services from Malaysia via the trade exhibition booths.

“Events of this kind are essential to expand the breadth of business, especially one as dynamic as the oils and fats market. As a major gateway to the rest of the region, we have identified the UAE as a perfect location to start our long-term initiative of maximising the potential of Malaysian palm oil in the regional market. We have high expectations with regard to the success rate of exhibitors in the event and we are certain that they are all looking forward to reaching a significant bulk of Middle East-based customers,” concluded Zawawi.

Established in 1990, the Malaysian Palm Oil Council (MPOC) is in charge of creating promotional and marketing activities to make Malaysian palm oil the leading product in the global oils and fats market. Its strategy is to enhance trade opportunities in the market place by identifying and addressing opportunities in the global market. Through the years, MPOC has spearheaded massive programs aimed at diversification of products, which has resulted in outstanding sales and exports of Malaysian palm oil around the world.