The Malaysian Minister for Primary Industries Teresa Kok Suh Sim said that in Pakistan the demand for palm oil has increased at a rate of 4.5% every year for the past seven years.
She spoke at the Fifth Pakistan Edible Oil Conference and said that palm oil demand is growing in Pakistan with a rising population, more incomes, and higher consumer spending.
She said, “Palm oil has the potential for even higher uptake in the Pakistani market because the country’s local production of oils and fats covers only around 20% of its total consumption needs. Thus, Pakistan depends heavily on the import of the product to meet growing domestic demand.”
Sim highlighted the importance of Pakistan as an end-user of Malaysian palm oil. She said that Pakistan is it’s one of the most regular and dependable buyers.
The minister said that Pakistan is amongst the first export destinations where Malaysia has invested heavily in areas of bulk installations and refineries. Also, it has liquid cargo jetty dedicated to handling palm oil.
Significant investment has been done in Pakistan by Malaysian companies including FGV Holdings Berhad, Kuala Lumpur Kepong Berhad, and IOI Group via joint ventures with the Westbury Group since 1993.
Palm oil is used widely by the industry for manufacturing Vanaspati. However, it is also used by the food industry in Pakistan for frying.
She was happy that Prime Minister Imran Khan will be visiting Malaysia soon. At the event, the minister was joined by the Adviser to Prime Minister for Commerce, Abdul Razak Dawood.
The two leaders discussed opportunities and exploration of common interest for both countries. Both sides stressed the need to further enhance the two-way trade.