Kuala Lumpur: The Malaysian Palm Oil Council (MPOC) has garnered RM66 million in potential sales in a recent trade and networking visit to Kazakhstan and Uzbekistan.
In a statement, MPOC said 11 members of the industry from seven Malaysian palm oil companies participated in this inaugural event involving two factory visits in Almaty, Kazakhstan and four in Tashkent, Uzbekistan.
It said that the visit had paved the way for the industry members to explore new avenues for expansion and to increase the uptake of palm oil in the region.
“Industry meetings were also arranged by MPOC to connect the current and potential buyers of Malaysian palm oil in Almaty and Tashkent.
“These series of meetings addressed the market potential, and challenges, as well as proposed solutions for the Malaysian palm oil industry players to effectively serve the Central Asian market,” it said.
MPOC said that 17 companies from Kazakhstan and 38 companies from Uzbekistan participated in the tailored business matching sessions to draw potential sales of Malaysian palm oil and palm oil-based products.
Meanwhile, MPOC chief executive officer Belvinder Sron said Central Asia is a promising market with a high demand for vegetable oils.
“Uzbekistan is the largest market in terms of the size of the economy and population in the region, while Kazakhstan is the second largest market.
“(Both countries) have the potential to import approximately 100,000 tonnes of palm oil and palm oil-based products every year,” she said.
Belvinder noted that Uzbekistan and Kazakhstan imported Malaysian palm oil and palm oil-based products worth RM160 million and RM211 million, respectively, in 2022.
MPOC is enthusiastic about expanding the potential market for sustainable Malaysian palm oil and would continue to provide the palm oil industry with more such programmes in high-value markets, she added.
