Malaysia Sends Palm Oil Economic Mission to Saudi ArabiaThursday, May 2, 2019
Malaysia conducted a five-day Palm Oil Economic Mission to Saudi Arabia starting on April 22 to discuss the commodity issue, as well as to promote its timber and furniture, Deputy Primary Industries Minister Datuk Seri Shamsul Iskander Mohd Akin said. The mission aimed to improve trade relations between the two countries and increase investments in the three commodities, as well as to explore new markets in the Middle East and the Africa.
The effort is also aimed at ensuring the country’s palm oil stockpile of 3.2 millon tons can be sold to the existing and new markets and create a healthy supply chain and demand in order to increase the market price of the commodity, he added. He said 10 papers will be presented at a two-day seminar and palm oil trading in conjunction with the mission, which will be participated by the Primary Industries Ministry, Malaysian Palm Oil Council, Malaysian Palm Oil Board and Ankara University.
“This effort is important to ensure the country’s palm oil stockpile is at healthy level of about 2 million tons, which is not only able to cater for external demand and supply but also the country’s needs,” he said. Malaysia’s total trade value with Saudi Arabia last year was RM21.67 billion, up by 45.2% from prior year, he said, and hoped that the missioin would help boost the trade value. Among Malaysian products exported to Saudi Arabia are palm oil and palm-based products which accounts for 25% of the country’s exports and palm-based manufactured goods which contributes 6.4%.