PUTRAJAYA: The Ministry of Primary Industries is identifying new potential markets for palm oil in Africa, as some countries in the continent boast rapid economic growth.
Minister of Primary Industries Teresa Kok as quoted in Bernama said, Malaysian palm oil has a vast potential in these African countries, which are supported by strong economic growth that could directly boost demand for cooking oil.
Ethiopia, in 2018, she said imported 149,435 tonnes of Malaysian palm oil and palm oil-based products worth RM457.17 million.
Kok said the government continues its relentless efforts to thwart the anti-oil campaign and eliminate trade barriers to increase market access of palm oil through the RM27 million allocation proposed in the 2020 Budget.
In another development, she said Japan and South Korea have expressed interest in importing Malaysian palm oil which is produced sustainably under the Malaysian Sustainable Palm Oil (MSPO) certification.
On the crude palm oil price, Kok said it has reached more than RM2,500 per tonne and it is expected to continue to rise until early next year, reaching RM2,600 per tonne.