27/05/2008 (Trading Markets.com), Dubai - Malaysian palm oil exports to the UAE are expected to cross 400,000 metric tons (MT) in 2008, according to latest studies by the Malaysian Palm Oil Council (MPOC).

The optimistic projection poses outstanding opportunities for Malaysian palm oil exporters currently participating at the first 'Malaysia-UAE Palm Oil Trade Fair and Seminar? (POTS), which was opened Monday by H.E. Eng. Hamad Buamim, Director General, Dubai Chamber of Commerce and Industry (DCCI).

The two-day event, which has been jointly organised by MPOC and the Malaysian Palm Oil Board (MPOB), will run under the theme 'Exceeding Expectations, Enriching Partnerships? in Dubai.

Among the prominent figures attending the event are In addition to presentations from distinguished local and foreign speakers, the event will also feature seminars, which are designed to encourage discussions on the opportunities in the palm oil business in the Gulf.

Further, attendees are also expected to gain from the high impact networking opportunities and first hand information on the latest palm oil products and services from Malaysia via the trade exhibition booths.

Speaking at the opening ceremony, HE Eng. Hamad Buamim, said, 'Dubai today shares strong trade ties with Asia and serves as an important business hub for the trading partners from these countries while dealing with the rest of the world.

According to him, this forum is very important for our members who belong to the business groups, which we established including the foodstuff trading group who will get a chance to discuss potential areas of cooperation with their Malaysian counterparts who deal in palm oil.

''I hope this meeting will translate into mutual business partnerships and lead to trade deals in the production and distribution of palm oil between both the parties.' According to official statistics, Malaysian Palm Oil exports to the UAE reached RM882m in 2007, accounting for 8.7% of Malaysia?s overall product exports to the country, which was recorded at RM10.1bn. Highlighting its booming exports to the UAE last year, which has witnessed a 21.8% rise from 2006, Malaysia has further strengthened its overall export numbers, recording a 20.7% jump to reach RM1.6bn in January to February 2008.

Within the same period, Malaysian palm oil exports have accounted for RM204.6m or 12.7% of the country?s total exports, garnering a 73% growth rate compared to figures from the previous year.

Seri Lee Oi Hian,Chairman MPOC, said, 'As we mark the opening of the first 'Malaysia-UAE Palm Oil Trade Fair and Seminar? here in Dubai, we are truly proud that the event has received an overwhelming support from both new and established importers, exporters, manufacturers and industry players, thereby cementing the coming of age of this high-potential industry.

'' We would like to encourage all regional companies to explore the new and improved products, which are being offered at the trade fair, while benefiting from a stream of credible industry knowledge, which will be imparted during the plenary sessions and discussions.' The event will feature plenary lectures on important issues concerning the regional Malaysian palm oil trade, including prices, health benefits, challenges, shipping and marketing, and current market trends.

'Through the presence of oils and fats marketers, traders, economists, government officials and industry professionals from the private sector and their significant inputs, we are expecting to gather reliable data from all industry players to determine areas for improvement as well as identify high-growth opportunities within this booming market,'' said Dr. Mohd Basri Wahid, Director-General, MPOB.

''We extend our sincere thanks to all the participants, including our sponsors for their ardent support, and we wish everyone a successful participation this year,' he added.