M'sia to tap into Ghana's growing oils and fats industry: MPOC
Published on: Tuesday, October 24, 2017
ACCRA (Ghana): Malaysia is set to further strengthen ties with Ghana, a country located in the sub-region of West Africa, by tapping into its oils and fats industry, which is poised to grow, said Chairman of Malaysian Palm Oil Council's (MPOC), Datuk Lee Yeow Chor, Monday.Ghana is one of Malaysia's biggest trading partners in this region with total bilateral trade of US$337 million (RM1.42 billion) in 2016.Stay up-to-date by following Daily Express’s Telegram channel.
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The country's indicators were pointing towards growth in both consumption and imports of oils and fats, he said. Lee said for the first nine months of the year, Malaysian palm oil imports into Ghana, which totalled 213,000 tonnes, had already exceeded the palm oil imports for the entire year of 2016.On the trade relationship between Malaysia and Africa, he said, Malaysia considered the West African markets as an important destination for its palm oil.
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"In the recent years, there has been a significant upward trend of Malaysian palm oil exports into this region.
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"Last year Malaysia exported about one million tonnes of palm oil to all countries in the West African region," he said, adding that the MPOC expected the number to increase.The seminar, themed 'Creating Mutual Partnership, Optimising and Exporting Palm Oil Opportunities in West Africa' reflects the importance of strategic collaboration among industry members in serving the expanding Malaysian palm oil market.POTS, organised for the first time in Ghana, aims to foster the existing strong diplomatic relationship between the two governments, especially in trade and investment. Some 300 participants from both Malaysia and Ghana attended the event, which invited renowned local industry captains and international experts from Malaysia, Ghana and the United Kingdom. The MPOC is a council under the Ministry of Plantation Industries and Commodities to promote the market expansion of Malaysian palm oil and its products. The council has set up a network of ten offices all over the world mainly in China, India, Pakistan, Bangladesh, Middle East, Europe, Africa and the US, to support, promote and venture into new areas for the industry. Last year, palm oil contributed RM67.92 billion in export earnings and accounted for 33 per cent of world's palm oil production and 38 per cent of total palm oil exports. – Bernama
