BEIJING: Malaysia’s palm oil exports to China are expected to increase
this year, driven by growing demand and positive signs in the Chinese
economy, says Plantation Industries and Commodities Minister, Tan Sri
Bernard Dompok.
“Everybody is positive on the growth of the Chinese economy. I think
the demand for palm oil will come from countries that have growth rates
like China’s and India’s,” he told reporters after officiating at the
third Malaysia-China Palm Oil Trade Fair and Seminar (POTS 2010) here
Wednesday.
Last year, Malaysia exported 4.03 million tonnes of palm oil valued
at US$2.81 billion (US$1=RM3.27) to China.
Dompok said in terms of imports by China, palm oil accounted for 60
per cent of the total oils and fats, adding that its consumption would
also be better this year.
|
|
“Since then, palm oil consumption in China has increased tremendously to the current level of 6.08 million tonnes annually,” he said.
He said palm oil has the potential to further enhance its use for both food and non-food purposes, taking into account its cost-competitiveness vis-a-vis the other competing oils.
“I encourage the business communities in both Malaysia and China to continue explore new areas to strengthen existing business ties.
“I believe there are still more opportunities available for the private sectors in both countries to redefine the business approaches to form partnerships and strategic alliances to discover new avenues for expanding the edible oil and palm oil business,” he said.
POTS 2010 is the 14th of its global series since its introduction in 2006.
It offers opportunities to explore new areas to further cooperation and rejuvenate business linkages and for a continuous progress of bilateral ties between Malaysia and China.
The event is jointly organised by Malaysian Palm Oil Council and Malaysian Palm Oil Board, in collaboration with China’s Development and Exchange Centre of State Grain Administration.
Source : Business Times by Samantha Tan Chiew Ting
