Malaysian Palm Oil exports to the UAE expected to cross 400,000 MT in 2008

Malaysian Palm Oil exports to the UAE expected to cross 400,000 MT in 2008
 
H.E. Eng. Hamad Buamim opens ‘Malaysia-UAE Palm Oil Trade Fair & Seminar’ 2008
 
Malaysian Palm Oil exports to the UAE are expected to cross 400,000 metric tons (MT) in 2008, according to latest studies by the Malaysian Palm Oil Council (MPOC). The optimistic projection poses outstanding opportunities for Malaysian Palm Oil exporters currently participating at the first ‘Malaysia-UAE Palm Oil Trade Fair & Seminar’ (POTS), which was opened today (May 26, 2008) by H.E. Eng. Hamad Buamim, Director General, Dubai Chamber of Commerce & Industry. The two-day event, which has been jointly organised by MPOC and the Malaysian Palm Oil Board (MPOB), will run under the theme ‘Exceeding Expectations, Enriching Partnerships’ at the Grand Hyatt Hotel in Dubai.
 
Among the prominent figures attending the event are Dato’ Seri Lee Oi Hian, Chairman MPOC, who will deliver the keynote address and Dato’ Dr. Mohd Basri Wahid, Director-General, MPOB. In addition to presentations from distinguished local and foreign speakers, the event will also feature seminars, which are designed to encourage discussions on the opportunities in the palm oil business in the Gulf. Further, attendees are also expected to gain from the high impact networking opportunities and first hand information on the latest palm oil products and services from Malaysia via the trade exhibition booths.
 
Speaking at the opening ceremony, HE Eng. Hamad Buamim, said, “Dubai today shares strong trade ties with Asia and serves as an important business hub for the trading partners from these countries while dealing with the rest of the world. This forum is very important for our members who belong to the business groups, which we established including the foodstuff trading group who will get a chance to discuss potential areas of cooperation with their Malaysian counterparts who deal in palm oil. I hope this meeting will translate into mutual business partnerships and lead to trade deals in the production and distribution of palm oil between both the parties.”
 
According to official statistics, Malaysian Palm Oil exports to the UAE reached RM 882 million in 2007, accounting for 8.7 per cent of Malaysia’s overall product exports to the country, which was recorded at RM 10.1 billion. Highlighting its booming exports to the UAE last year, which has witnessed a 21.8 per cent rise from 2006, Malaysia has further strengthened its overall export numbers, recording a 20.7 per cent jump to reach RM 1.6 billion in January to February 2008. Within the same period, Malaysian palm oil exports have accounted for RM 204.6 million or 12.7 per cent of the country’s total exports, garnering a 73 per cent growth rate compared to figures from the previous year.
 
During the press conference, Dato’ Seri Lee Oi Hian, said, “As we mark the opening of the first ‘Malaysia-UAE Palm Oil Trade Fair & Seminar’ here in Dubai, we are truly proud that the event has received an overwhelming support from both new and established importers, exporters, manufacturers and industry players, thereby cementing the coming of age of this high-potential industry. We would like to encourage all regional companies to explore the new and improved products, which are being offered at the trade fair, while benefiting from a stream of credible industry knowledge, which will be imparted during the plenary sessions and discussions.”
 
The event will feature plenary lectures on important issues concerning the regional Malaysian palm oil trade, including prices, health benefits, challenges, shipping and marketing, and current market trends. Among the topics to be discussed within the two-day seminar include a plenary lecture on ‘The Global Oils and Fats Price Outlook’ by Dr. Sarah Hickingbottom, LMC International UK; and ‘Malaysian Palm Oil: Meeting the Challenges in the Middle East Market’ by Tan Sri Datuk Dr. Yusof Basiron, CEO, MPOC. A talk on ‘Strengthening the Palm Oil Market in the Middle East’ will also be delivered by Amir Qadri, Marketing Head, ERCO-IFFCO Group.
 
“Through the presence of oils and fats marketers, traders, economists, government officials and industry professionals from the private sector and their significant inputs, we are expecting to gather reliable data from all industry players to determine areas for improvement as well as identify high-growth opportunities within this booming market. We extend our sincere thanks to all the participants, including our sponsors for their ardent support, and we wish everyone a successful participation this year,” added Dato’ Dr. Mohd Basri Wahid.
 
‘POTS Dubai 2008’ has gathered outstanding support from regional companies, including IFFCO, as the event’s platinum sponsor, and HSBC as the gold sponsor. Dubai-based United Foods Company (UFC) has also signed up as silver sponsor, in addition to several regional manufacturers, which include MM VitaOils, Alami Vegetable Oil and Southern Edible Oil from Malaysia, and the UAE-based Abu Dhabi Vegetable Oil Company, who are the event’s official partners.