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“Of 2.2 million tons, 60 percent edible oil was imported from Malaysia, while the remaining 40 percent from Indonesia,” Faisal Iqbal, regional manager of Pakistan and Central Asian Republics, MPOC, said on the sidelines of the launch of the third Malaysia-Pakistan Palm Oil trade fair and seminar.
The fair is jointly organised by MPOC and Malaysian Palm Oil Board with the support of Pakistan Vanaspati Manufacturers Association, Pakistan Edible Oil Refiners Association and Pakistan Soap Manufacturers Association.
Iqbal said that the imported oil was meeting around 65 percent to 70 percent demand of the Pakistani consumers, as total demand for the edible oil in the country stood at three-to-3.2 million tons last year.
“The demand for the oil in Pakistan is increasing by three percent per annum on an average,” he said.
Pakistan imports three different edible oils, ie, RBD palm oil, palm olein, and crude palm oil. Moreover, it imports 95 percent oil in crude form and the rest of five percent in finished form. Execution of free trade agreements of Pakistan with Malaysia and Indonesia has resulted in giving 15 percent discount on fixed import duties, he said.
Indonesian edible oil is comparatively cheaper than the Malaysian one, while the quality of Malaysian oil is better than the Indonesian one, Iqbal said.
Addressing the launch of the fair, Malaysian Plantation Industries and Commodities Minister Datuk Amar Douglas Uggah Embas said that Pakistan has imported 1.44 million tons palm oil products worth $1.34 billion from Malaysia in 2012.
“This makes Pakistan the fifth largest exports destination for the Malaysian palm oil.”
Pakistan is indeed a special trading partner for the Malaysian palm oil industry, he said, adding that Pakistan has always been the most consistent buyer of the Malaysian palm oil products and palm oil has featured as a major component of the growing bilateral trade between the two countries.
Pakistan is among the first export destinations in which Malaysia has major investments in bulking installation and refineries, with the latest project being the liquid cargo jetty dedicated for the handling of palm oil.
“There are ample opportunities for the private sectors of the two countries to synergise, taking into account Pakistan’s strategic geographical location,” he said.
He also urged more Malaysian companies to collaborate with the Pakistani companies in developing other areas in the oils and fats trade, including oleochemicals, biomass utilisation and animal feed.
Ministry of Plantation Industries and Commodities : Pakistan imports 1.44m tonnes palm oil and oil products from Malaysia
KARACHI: Pakistan is indeed a special trading
partner for the Malaysian palm oil industry, said Datuk Amar Douglas
Uggah Embas, the minister of Malaysian Plantation Industries and
Commodities.
In 2012, total imports of Malaysian
palm oil and palm oil products by Pakistan was recorded at 1.44 million
tonnes, valued at $1.34 billion, the Malaysian minister said. This makes
Pakistan the fifth largest exports destination for Malaysian palm oil,
he added.
The minister presided the third Malaysia-Pakistan Palm Oil Trade Fair and Seminar (POTS) at a local hotel here on Thursday.
POTS
Pakistan with the theme, 'Meeting Pakistan's Emerging Oils and Fats
Diversity through Malaysian Palm Oil' aims at bringing together various
stakeholders in the oils and fats industries in Pakistan and Malaysia.
In addition, this event is aimed at disseminating information on the
latest developments in the palm oil industry.
This
event also allows the private sectors from both countries to identify
issues and measures that will contribute towards enhancing trade in palm
oil.
In addition, the deliberations and
recommendations at this seminar will also allow both the governments of
Pakistan and Malaysia to consider mutually beneficial measures,
including the review of import and export rates to facilitate trade in
palm oil products, towards according advantage to the private sectors of
both countries. Speakers at the seminar includes renowned local
industry captains, as well as international experts from Malaysia,
Germany and the United Kingdom.
The papers presented
at this seminar cover a range of topics from market situation, trade,
nutritional applications and price outlook. This event attracted over
250 participants from both Malaysia and Pakistan.
In
his keynote address at this seminar, Datuk Amar Douglas Uggah Embas
informed that Pakistan has always been the most consistent buyer of
Malaysian palm oil products and palm oil has featured as a major
component of the growing bilateral trade between the two countries.
Pakistan
is among the first export destinations in which Malaysia has major
investments in bulking installation and refineries, with the latest
project being the liquid cargo jetty dedicated for the handling of palm
oil.
In this context, Datuk Amar Douglas Uggah
Embas expressed the view that there are ample opportunities for the
private sectors of both countries to synergise, taking into account
Pakistan's strategic geographical location.
Datuk
Amar Douglas Uggah Embas also urged more Malaysian companies to
collaborate with local Pakistani companies in developing other areas in
the oils and fats trade, including oleochemicals, biomass utilisation
and animal feed. "Such efforts will definitely spur the growth of the
Pakistani oils and fats industry and enhance further the trade between
the two countries," he added.
Malaysia-Pakistan
POTS 2014 is the 32nd of its series since its introduction in 2006.
This event is organised in Pakistan for the 3rd time to address the
oils and fats trade. Malaysia-Pakistan POTS 2014 is organised jointly by
Malaysian Palm Oil Council (MPOC) and Malaysian Palm Oil Board (MPOB),
with the support from the Pakistan Vanaspati Manufacturers Association
(PVMA), Pakistan Edible Oil Refiners Association (PEORA) and Pakistan
Soap Manufacturers Association (PSMA).
Source : Daily Times
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