InfoSAWIT, KUALA LUMPUR - Malaysia successfully diversified its palm oil trade with China, got more than RM 230 million in an agreement during the visit of Deputy Minister of Commodity and Plantation, Malaysia, Datuk Chan Foong Hin. The strategy reflected that Malaysia would focus to expand trade network and get new sectors.
Ministry of Commodity and Plantation announced that the visit was on 8 - 12 July 2024, signed four (4) memorandum of understanding documents. These were finalized in the 15th China International Vegetable Oil and Cereal Industries Conference in Nanjing on 11 July 2024.
The first MoU was Kuala Lumpur Kepong Bhd and BOCE Trade Service Co Ltd did tocotrienol export agreement; the second, Taobao (China) Software Co Ltd and Able Perfect Group, would expand digital market access for palm oil products.
The third, Taobao (China) Software Co Ltd and Kinabalu Group would facilitate crude palm oil trade; the fourth, JF Nutritech and Palmort Food Tech (Shanghai) would cooperate about red palm oil application for animal woof.
The collaboration meant that Malaysia would be pro-active to get and explore new sector for its palm oil products. In specific, the MoU with Taobao (China) Software Co Ltd would be about e-commerce integration to escalate the trade path in B2B and B2C, expand palm oil digital track record in Malaysia.
As InfoSAWIT quoted from Bernama, Saturday (27/7/2024), Chan also witnessed the signing of MoU with General Director of Malaysian Palm Oil Board, Datuk Ahmad Parveez Ghulam Kadir and The President of CFNA, Cao De Rong. It would emphasize to maintain higher additional value and more qualified products. He emphasized the obedience to European Union Deforestation Regulation and sustainable development principles to remain competitive globally.
The significant focus from the visit was the agreement from China’s authority in March 2024 for palm oil tocotrienol application and exports in foods. This would open the opportunity for Malaysia’s exporters. The MoU would be the same with Malaysia’s strategies to get innovation and introduce palm oil products that have something to do with health in the trade globally. (T2)
