Datuk Hajah Zuraida Kamaruddin, Minister of Plantation Industries and Commodities Malaysia, has concluded her Economic and Agricommodities Promotion Mission to Egypt and Qatar from April 16 till 20, 2020.
During the mission, the minister has met up with her counterparts from Qatar and Egypt, chaired the Roundtable Meeting with Egyptian and Qataris Agricommodities Players for promoting exports of Malaysian commodities.
The round table discussions aim to bridge the trade promotional activities, business cooperation, and information exchange between governments and key players from within the industry, particularly for palm oil, rubber, and timber products.
The current price surge of palm oil is driven by the outlook for the supply of substitute vegetable oils due to uncertainty over sunflower seed oil from Ukraine and Russia. Tight supply from the producing countries has also impacted the global palm oil price.
Malaysian Palm Oil Board (MPOB) anticipated crude palm oil (CPO) production to improve by 4.9% to 19 million tonnes in 2022, from 18.12 million tonnes in 2021, resulting in palm oil stocks increasing 21.1% to 1.95 million tonnes, from 1.61 million tonnes in 2021.
“It shows Malaysia is prepared to meet the encouraging demand for palm oil from the market, including from Egypt and Qatar. A few promising ideas, such as including Malaysia Palm Oil in the Egyptian Food Subsidy Scheme and exploring the private sectors, are further the applications of the rubberized road in Qatar. Further discussion is being conducted, and Malaysia is hopeful that the initiatives will benefit all involved parties,” quoted as saying in the official statement released by the ministry.
