PALMOILMAGAZINE, KUALA LUMPUR – Malaysia has successfully diversified its palm oil trade with China, securing over RM 230 million in agreements during the visit of Deputy Minister of Commodity and Plantation Datuk Chan Foong Hin. This strategy highlights Malaysia’s focus on expanding its trade network and exploring new sectors.
The Ministry of Commodity and Plantation announced that the visit, which took place from July 8 to 12, 2024, resulted in the signing of four memoranda of understanding. These agreements were finalized at the 15th China International Vegetable Oil and Cereal Industries Conference in Nanjing on July 11, 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.
Also Read: China First-Half 2023 Palm Oil Imports Surge by 77.9%
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 Palmoilmagazine.com 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. (P2)
