Malaysia eyes Iran as palm oil market

EghtesadOnline: Malaysian Minister of Plantation Industries and Commodities named Iran as one of the potential markets for its new palm oil products.

News ID: ۷۷۸۷۲۰

22 August 2017

Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong said on Monday that his Ministry would pursue efforts to expand Malaysia's palm oil market in Iran, US, Belgium, Egypt, Pakistan, India and China through introducing its new palm oil-based products, according to IRNA.

Palm oil and its by-products constituted over 16 billion dollars of Malaysia's exports and created 2 million jobs in all sectors of the industry, including 650 small shareholders, he added, according to the country's news agency BERNAMA.

The official noted that the Malaysian government has made the Permanent Palm Oil Certification mandatory for all the supply chains of the product and has vowed a 100 percent conformity between the Malaysian palm oil products and the certificates by 2019.

He also said that the Malaysian Palm Oil Certification Council has been aimed at monitoring the implementation of the program.

Palm is a strategic product of Malaysia and 10 percent of the country's population live on the industry.

There are some 5.4 million hectares of palm tree farm in Malaysia that produces 20 million tons of oil palm each year.