KARACHI: Pakistan has imported 2.2 million tons edible oil in the calendar year ended December 31, 2013 from Malaysia and Indonesia, an official of Malaysian Palm Oil Council (MPOC) said on Thursday. “Of 2.2 million tons, 60 percent edible oil was imported from Malaysia, while the remaining 40 percent from Indonesia,” Faisal Iqbal, regional manager of Pakistan and Central Asian Republics, MPOC, said on the sidelines of the launch of the third Malaysia-Pakistan Palm Oil trade fair and seminar. The fair is jointly organised by MPOC and Malaysian Palm Oil Board with the support of Pakistan Vanaspati Manufacturers Association, Pakistan Edible Oil Refiners Association and Pakistan Soap Manufacturers Association. Iqbal said that the imported oil was meeting around 65 percent to 70 percent demand of the Pakistani consumers, as total demand for the edible oil in the country stood at three-to-3.2 million tons last year. “The demand for the oil in Pakistan is increasing by three percent per annum on an average,” he said. Pakistan imports three different edible oils, ie, RBD palm oil, palm olein, and crude palm oil. Moreover, it imports 95 percent oil in crude form and the rest of five percent in finished form. Execution of free trade agreements of Pakistan with Malaysia and Indonesia has resulted in giving 15 percent discount on fixed import duties, he said. Indonesian edible oil is comparatively cheaper than the Malaysian one, while the quality of Malaysian oil is better than the Indonesian one, Iqbal said. Addressing the launch of the fair, Malaysian Plantation Industries and Commodities Minister Datuk Amar Douglas Uggah Embas said that Pakistan has imported 1.44 million tons palm oil products worth $1.34 billion from Malaysia in 2012. “This makes Pakistan the fifth largest exports destination for the Malaysian palm oil.” Pakistan is indeed a special trading partner for the Malaysian palm oil industry, he said, adding that Pakistan has always been the most consistent buyer of the Malaysian palm oil products and palm oil has featured as a major component of the growing bilateral trade between the two countries. Pakistan is among the first export destinations in which Malaysia has major investments in bulking installation and refineries, with the latest project being the liquid cargo jetty dedicated for the handling of palm oil. “There are ample opportunities for the private sectors of the two countries to synergise, taking into account Pakistan’s strategic geographical location,” he said. He also urged more Malaysian companies to collaborate with the Pakistani companies in developing other areas in the oils and fats trade, including oleochemicals, biomass utilisation and animal feed. .........................................................................
Posted on: Fri, 31 Jan 2014 06:39:13 +0000
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