Hindu Business Line | 3 July 2014
India, Malaysia step up palm oil trade
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.