KUALA LUMPUR: The recent palm oil mission to Pakistan was highly successful not only in reinforcing Malaysia as a major market for the commodity but also in pushing more local companies to explore joint-ventures in the South Asian nation.
NEED TO WORK TOGETHER: Dompok’s visit was in conjunction with holding of POTS 2011, which was jointly organised by MPOC and MPOB at Sheraton Hotel Karachi from Jan 17 to 19, 2011.
Plantation Industries and Commodities Minister, Tan Sri Bernard Dompok, who led the three-day mission last month, was elated over the encouraging response from Malaysian and Pakistani firms to seal deals at the 2nd Malaysia-Pakistan Palm Oil Trade Fair and Seminar 2011 (POTS 2011).
“Although competition continues to be an important feature of all trade, there are opportunities ahead for all of us involved in the business to forge partnerships and closer relationships to handle many areas of common interest that we may face in the future,” Dompok said in his keynote address.
He said there was an even greater need for all producers of oils and fats to work together to meet the insatiable and increasingly sophisticated demands of the world consumers.
“This will go a long way to boost linkages in both the export of palm oil and efforts to manufacture palm oil-based products, considering that imports of the commodity constitute over 90 per cent of Pakistan’s imports of oils and fats,” he said.
Dompok’s visit was in conjunction with holding of POTS 2011, which was jointly organised by the Malaysian Palm Oil Council (MPOC) and the Malaysian Palm Oil Board (MPOB) at Sheraton Hotel Karachi from Jan 17 to 19, 2011.
Pakistan is now Malaysia’s second biggest buyer of palm oil after China.
Thanks to the lower tariffs on agricultural and industrial products under the bilateral free trade agreement (FTA), Pakistan’s imports had grown to over 2.2 million tonnes in 2010 from 1.1 million tonnes in 2000.
This will create economic spin-offs through increased investment inflows into Pakistan and create more jobs, which are seen as crucial in Pakistan’s efforts to widen its economic base.
The move will also add value to Pakistan’s palm oil industry by establishing oil palm plantations and producing more downstream products.
Given their experiences in the palm oil sector, Dompok’s call for the players in both countries to join hands will also increase interaction among the citizens of both countries.
The POTS gathering served as a crucial avenue to gather the oils and fats players from both countries to further strengthen trade and address issues of common interest.
MPOC chairman, Datuk Lee Yeow Chor, said the event would offer opportunities to forge new partnerships as well as strengthen those that already existed.
“We hope that the cooperation between Malaysia and Pakistan can be elevated to a higher level to benefit both countries,” he said.
Pakistan’s oils and fats market had grown from 2.7 million tonnes in 2000 to 3.7 million tonnes last year, and palm oil accounted for almost 50 per cent of the total. — Bernama