KARACHI: Malaysian companies should partner Pakistani entities in developing areas of the oils and fats trade, including oleochemicals, biomass utilisation and animal feed.
Plantation and Commodities Minister Datuk Douglas Uggah Emas said Pakistan’s oils and fats market had grown significantly, from 2.7 million metric tonnes in 2000, to 4.0 million metric tonnes in 2012.
“The market has grown almost double over this time and palm oil alone accounted for more than 50 per cent of this total,” he said in his speech at the opening of the Malaysia-Pakistan Palm Oil Trade Fair and Seminar here yesterday.
“Such efforts will definitely spur growth of the Pakistani oils and fats industry and enhance further the trade between our two countries,” he added.
He said there were new dynamics that influenced and dictated the growth momentum of the palm oil trade between both countries, backed by strong government cooperation.
“In fact, Pakistan is among the first export destinations in which Malaysia had major investments in bulking installation and refineries, with the latest project being the liquid cargo jetty, dedicated to the handling of palm oil.
“I believe there are many other opportunities to be tapped, considering Pakistan’s strategic geographical location,” he added.
Uggah pointed out that Pakistan accounted for 5.8 per cent of Malaysia’s total global exports of palm oil and palm oil products, and ranked as the fifth largest export destination in 2012.
Total palm oil and palm oil products exported in 2012 was 1.44 million tonnes, valued at around US$1.34 billion, he said.
Meanwhile, he said palm oil is the largest vegetable oil produced in the world since 2006.
He said palm oil production accounted for 28.7 per cent or 53.73 million tonnes of the total oils and fats output of 186.9 million tonnes in 2012.
In terms of the global export trade of 70.29 million tonnes of edibles oils, palm oil accounted for 58.0 per cent or 40.78 million tonnes of total oils and fats exports in 2012, he said. — Bernama