Teresa hails Pakistan as most dependable palm oil buyer

Primary Industries Minister Teresa Kok in deep discussion with Abdul Razak Dawood at the 5th Pakistan Edible Oil Conference.

PETALING JAYA: Pakistan is one of the most regular and dependable buyers of Malaysian palm oil, Primary Industries Minister Teresa Kok revealed, with the Islamic republic depending heavily on imports of the commodity.

Speaking at the 5th Pakistan Edible Oil Conference in Karachi yesterday, Kok also said that palm oil has the potential for higher uptake in Pakistan as its local production of oils and fats meets only around 20% of its consumption needs.

It thus depends heavily on imports to meet growing domestic demand and consumption, according to a statement by her ministry.

Palm oil is widely used for the manufacture of ghee and it is also the preferred raw material for the food industry in Pakistan, especially for frying and in confectionery items.

Demand, it added, has been increasing at a rate of 4.5% per year for the past seven years, due to increasing population, income and consumer spending.

“Pakistan is among the first export destinations in which Malaysia has major investments in bulking installation and refineries and the liquid cargo jetty dedicated for the handling of palm oil,” the ministry said.

Pakistan imported 1.16 million metric tonnes of palm oil, worth RM2.97 billion from Malaysia in 2018.

At the conference, Kok also met with Abdul Razak Dawood, the commerce, textile, industry and production and investment advisor for the Pakistan government.

They took the opportunity to discuss issues of common interest to both countries, including enhancing trade.