MINISTER OF PLANTATION INDUSTRIES AND COMMODITIES
MALAYSIA-INDIA PALM OIL TRADE FAIR & SEMINAR 2014
MUMBAI, THURSDAY, 26 JUNE 2014
The Honourable Datuk Amar Douglas Uggah Embas, Malaysian Plantation Industries & Commodities Minister officiated the 4th Malaysia-India Palm Oil Trade Fair and Seminar (POTS) at ITC Maratha Hotel today. Themed “Managing Challenges and Creating Opportunities through Malaysian Palm Oil,” this event aims at providing a platform for industry players to network and strategise ways in addressing issues of common interest, besides exploring new opportunities to expand their business activities.
- Speakers at the seminar include renowned local industry captains and international experts from Malaysia, India, and the UK. The papers cover topics on oils and fats, ranging from market situation and trade, to nutrition and the price outlook. The event attracted over 350 participants from both Malaysia and India.
- In his speech during the official opening of the seminar, The Honorable Datuk Amar Douglas Uggah Embas said that the event itself being the third POTS organised in Mumbai proves that India is an important and the largest trading partner in South Asia for Malaysia. Total trade value between the two countries in 2013 stood at USD13.16 billion, with palm oil making up 15% of the total value.
- According to The Honorable Datuk Amar Douglas Uggah Embas, India’s oils and fats market has grown significantly from 7.2 million metric tonnes (MT) in 1993 to 19.7 million MT in 2013. The volume has grown almost three times over a span of 20 years. Palm oil consumption in 1993 was only 150,000 MT or just 2% of the total oils and fats consumed by the country. However, this volume increased to 8.3 million MT and currently palm oil dominates the Indian consumer market, with share of 42.3% in 2013. “Last year Malaysian palm oil imports by India was valued at USD1.96 billion, accounting to 27% of the total palm oil imported by India. From January to April this year, the import of palm oil and its products have recorded a 7% growth compared to the same period in 2013,” he added.
- This was further amplified by the implementation of the Malaysia-India Comprehensive Economic Cooperation Agreement (CECA) on 1 July 2011. CECA provided a new framework which lead to stronger commercial and economic ties at the government and business-to-business level. This is expected to stimulate trade activities between both countries with a target of USD 15 billion in trade by 2015.
- Datuk Amar Douglas Uggah Embas also urged the private sectors of the two countries to redefine the business approaches to form partnerships and strategic alliances to discover new avenues for expanding the edible oil and palm oil business. There are opportunities to explore investments in downstream, higher value-added palm derivatives, such as oleochemicals, pharmaceuticals, processed foods, specialty products and even consumer brands.
- Malaysia-India POTS 2014 is the 33rd of its series since its introduction in 2006. This event is organised in India for the 4th time to address the oils and fats trade. Malaysia-India POTS 2014 is organised jointly by Malaysian Palm Oil Council (MPOC) and Malaysian Palm Oil Board (MPOB), with the support from the Solvent Extractors’ Association (SEA) of India.
- This event provides a valuable platform for the industry players to network and meet the growing needs of the Indian palm oil industry.
Ministry of Plantation Industries and Commodities
26 June 2014