Imports up by 7 per cent in Jan-April quarter
Mumbai, July 3:
With Malaysian palm oil accounting
for some 27 per cent of the total palm oil imported by India, edible oil
continues to feature in bilateral trade between the two countries.
According
to Malaysian Minister of Plantation Industries and Commodities, Amar
Douglas Uggah Embas, this will be facilitated by the Malaysia-India
Comprehensive Economic Cooperation Agreement signed in February 2011.
Malaysian palm oil imports by India were valued at $1.96 billion in
2012. During January-April this year, import of palm oil and its
products were up 7 per cent compared to the same period a year ago.
“The
implementation of the agreement since July 2011 has further
strengthened bilateral trade, which is likely to touch $15 billion by
2015,” he said at a Malaysia Palm Oil Trade Fair and Seminar here
recently.
Some measures include exploring the
possibility of establishing a research office for joint research
activities and commercialisation of new palm-based products.
“There
are also opportunities for the private sectors of Malaysia and India to
explore collaborative investment in downstream operations including
higher value-added palm derivatives such as oleo-chemicals,
pharmaceuticals, processes food and speciality products,” the minister
said.
(This article was published on July 3, 2014)
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