14/04/2008 (Bernama), Dubai -- The first Malaysia-United Arab Emirates (UAE) Palm Oil Trade Fair & Seminar 2008 (POTS 2008), which will be held here on May 26-27, is set to further enhance business opportunities in the Gulf region.

Under the theme "Exceeding Expectations, Enriching Partnerships", the event will bring together oils and fats marketers, traders, economists, government officials and industry professionals.

"As a major gateway to the rest of the region, we've identified the UAE as the perfect location to start our long-term initiative of maximising the potential of Malaysian palm oil in the regional market," said Malaysian Palm Oil Council (MPOC) regional director for West Asia, Ahmad Zafri Zawawi.

He said the seminars within POTS 2008 have been designed to encourage discussions on the prospects for palm oil in the Gulf and provide networking opportunities for participants.

"The visitors will also gain first-hand knowledge on the latest palm oil products and services from Malaysia at trade exhibition booths," he said.

Ahmad Zafri said global exports of Malaysian palm oil reached 13.7 million tonnes, accounting for 26 percent of the world's oil and fat product consumption in 2007, which was recorded at 57.8 million tonnes.

As one of the product's top destinations, the Middle East imported 1.4 million tonnes of Malaysian palm oil constituting 45 percent of its overall imports of oil and fat products in the same year.

He said regional demand has driven the growth of Malaysian palm oil which now representd 47 percent of market share in the global oils and fats industry.

"Through POTS, we aim to elevate the standing of Malaysian palm oil as the top driver of our gross domestic product by further boosting our global palm oil export earnings which hit RM45.1 billion in 2007," Ahmad Zafri said.

In the Middle East, producers of cooking oil have turned to blends with palm oil to lessen the impact of high vegetable oil prices.

-- BERNAMA