BUSINESS

MALAYSIAN PALM OIL COUNCIL SIGNS MOU WITH IZMIR COMMODITY EXCHANGE

09/07/2021 11:38 PM

KUALA LUMPUR, July 9 -- The Malaysian Palm Oil Council (MPOC) and Turkey’s Izmir Commodity Exchange have signed a memorandum of understanding (MoU) to expand cooperation in areas of mutual interest to broadly promote the development and use of Malaysian palm oil and Malaysian Sustainable Palm Oil Certification (MSPO) as a valuable commodity. 

Plantation Industries and Commodities Minister Datuk Dr Mohd Khairuddin Aman Razali said through the MoU, Izmir Bursa Academy (IBA), the education arm of Izmir Commodity Exchange, has agreed to collaborate through various projects including business and technical information sharing, awareness raising, certification and joint promotional activities.

“This cooperation is seen as a strategic step that can enhance the development of the Malaysian palm oil industry and market share,” Khairuddin said in a statement today.

In addition, he said the IBA has agreed to coordinate scholarships to representatives, students and academics for training under the academy and Malaysian field studies.

The minister also said that the IBA would assist MPOC to implement an information campaign to 80 million Turks on the nutritional and health benefits of Malaysian palm oil, as well as to increase understanding and explain its nutritional benefits.

“The MoU is also aimed to further boost the Palm Oil Trade Awareness Programme (POTAP) between the two parties to provide a better understanding of the Malaysian palm oil industry and its benefits.

“Both agencies will detail the programme through a separate agreement which will be reviewed and determined later,” he said.

According to Khairuddin, Malaysia and Turkey had signed a Free Trade Agreement (FTA) in 2015, in which Malaysia’s palm oil exports increased to more than 600,000 tonnes per year compared with less than 100,000 tonnes per year before the FTA.

“In 2020, Turkey imported 615,872 tonnes of Malaysian palm oil, which is more than 90 per cent of Turkey’s total palm oil imports.

“The Ministry of Plantation Industries and Commodities hopes that through this memorandum, the benefits and understanding of the country’s palm oil can be enhanced to Turkey and further become the export gateway for Malaysian palm oil products to Europe,” he said.

-- BERNAMA


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