PUTRAJAYA: Malaysia strikes key palm oil partnership deals with two major supply chain managers in the United Arab Emirates (UAE) and China to facilitate greater palm oil penetration in China, India and the Indian sub-continent.
The deals are sealed through the Bohai Commodity Exchange (BOCE) Malaysia/Asean platform, which inked two memoranda of understanding (MoUs) with Dubai-based Hakan Agro DMCC and China’s BOCE Global here, yesterday.
Speaking to reporters after the MoUs signing ceremony, Minister Teresa Kok Suh Sim as quoted in Bernama said Hakan Agro, with extensive business exposure in the Indian sub-continent, Middle East and the UAE, would facilitate exports of more than one million metric tonnes of Malaysian palm oil in their core markets in the Indian sub-continent in 2020.
She said, BOCE Global meanwhile aimed to import about 1.5 million metric tonnes into China by 2020 as China offers significant growth potential due to the large population in the inner regions and which are also registering significant economic growth.
In expressing her excitement with the ties, Kok said the MoUs were timely and most welcomed as Malaysia was pressured by the European Union’s potential displacement of palm biofuels and the recent spate with Indian oils and fats trade associations.
She said the online trading platform could open up opportunities for a greater inflow of finished, ready-to-use palm-based products, which is key to adding significant value to the overall export revenue from palm oil and related products.