India likely to import 2.5 million tonne palm oil from Malaysia

Economy


MUMBAI: India is likely to import 2.5 million tonne palm oil from Malaysia following its 5 per cent preferential duty on the edible oil, Malaysian Palm Oil Council CEO Kalyana Sundram said here.

“In 2018, India had imported 2.18 million tonne from Malaysia. This year due to our 5 per cent preferential duty on palm oil, we are expecting it to go up to 2.5 million tonne,” Sundram told PTI on the sideline of the 6th Malaysia-India Palm Oil Trade Fair and Seminar (POTS) here.

He said, India consumes 20 million of oils and fats and produces 10 million tonne, the rest are imported.

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“We see huge potential for palm oil in India,” he added.

Speaking on the occasion, Malaysian Primary Industries Minister Teresa Kok said, the total trade between Malaysia and India has increased by 2.2 per cent to USD 15.56 billion in 2018 from USD 14.29 billion in 2017, which mainly comprised of palm oil, oils and gas, automobiles, chemicals, and finished goods.

While, Malaysian foreign direct investment (FDI) in India from April 2000 to March 2019, stood at USD 932.19 million.

“Palm oil is one of the largest commodities traded for Malaysia, and we regard India as a very important export destination. We should also explore new areas for further cooperation and rejuvenate our business linkages and cooperation, to ensure continuous progress of the palm oil industry,” she added.

Kok also urged the private sectors of both the countries to explore areas for further cooperation and rejuvenate business linkages, in order to ensure continuous progress of the bilateral trade between the two countries.



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