PANJIM: India is likely to import 2.5 million tonne palm oil from Malaysia, an increase of 76% compared to the corresponding period in 2018. This is due to the MICECA trade agreement signed between both governments, effective January 2019.
This was revealed at the 6th Malaysia-India Palm Oil Trade Fair and Seminar (POTS), held in Mumbai on Tuesday. Themed “Malaysian Palm Oil: Enhancing Relationships and Harvesting Opportunities,” the event looked to bring together various stakeholders in the palm oil industry to network and to share the latest developments pertaining to this important industry whilst imparting knowledge on the challenges, opportunities and prospects of palm oil in the global oils and fats market. According to Teresa Kok, Malaysia Primary Industries Minister, the total trade between Malaysia and India has increased by 2.2% to USD15.56 billion in 2018 from USD 14.29 billion in 2017, comprising palm oil, oils and gas, automobiles, chemicals, and finished goods. Meanwhile, Malaysian foreign direct investment (FDI) in India from April 2000 to March 2019, stood at USD 932.19 million.
