Expo 2020 Dubai A Platform To Raise Awareness For Malaysian Agri-Commodities :Sec General Of MPIC

Expo 2020 Dubai was timely and opportune for Malaysia to promote its palm oil industry and highlight the importance of the agri-commodity to the global community, says Ministry of Plantation Industries and Commodities (MPIC) secretary-general Datuk Ravi Muthayah.

“The expo is a magnificent platform for the global communities to gather, learn and exchange ideas on our shared aspiration on sustainability,” he said in an interview.

Ravi said the concept of sustainable agri-commodity provides a strong platform for Malaysia to expand the global market for palm oil exports.

“As Malaysia’s main agri-commodity export, palm oil has contributed significantly in providing a continuous inflow of earnings through the export of raw commodities and value-added products.

“This sector has also played an important role in helping our country to sail through the rough economic climate brought by the global pandemic,” he said.

As a platinum premier sponsor of the Malaysia Pavilion at the six-month global event that ended 31 March 2022, MPIC had a permanent interactive exhibition area showcasing Malaysia’s sustainable agricommodities of palm oil, rubber, pepper, cocoa, timber, kenaf and gaharu.

Ravi’s visit was part of the Ministry’s continuous promotional and economic mission to the Middle East to promote Malaysia’s agricommodities and explore market potentials and collaboration, where he also attended the Global Business Forum LATAM 2022 and a joint programme with Mexico Pavilion.

On whether the MPIC-led programmes during the expo have achieved outcomes in  increasing palm oil sales, Ravi said in 2021, Malaysia’s palm oil exported 134,772 MT (metric ton) to UAE, which showed an increase by 31.93% compared to year 2020 (102,158 MT).

In 2021, the Middle Eastern region imported 2.34 million tonnes of Malaysian palm oil, which is an increase of 8.2% as compared to the same period in 2020. UAE took up 10% of the total palm oil and palm oil products exported to this region, valued at USD192 million.

He said countries like Turkey, Iran and the UAE accounted for 84% of the total Malaysian palm oil exports to the Middle Eastern region.

The MPIC secretary-general elaborated that as a major hub in the Middle East, the UAE has always been Malaysia’s largest export destination and second-largest source of import in this region, serving as a gateway for Malaysia to penetrate new markets in the wider region.

“The UAE palm oil market itself is currently the fourth largest importer of palm oil in the Arab world and is expected to reach USD467.1 million by 2025, according to a new report by Grand View Research Inc.

“We are confident the business partnerships forged during the expo will open more doors for Malaysia’s palm oil and palm oil-based products to a bigger market in this country,” he said.

The estimated export value of palm oil and palm oil products to the Middle East in 2021 was approximately USD2.5 billion. With a population base of over 570 million and a consumption of over 14 million MT, the region will continue to be an important export destination.

Previous articleGlobal Market Tremors A Time For Caution
Next articleExploiting the Ukraine Crisis – Donation Scams and Malspam

LEAVE A REPLY

Please enter your comment!
Please enter your name here