IRAN PLANS TO INCREASE PALM OIL IMPORTS FROM MALAYSIA
KUALA LUMPUR, July 15 -- Iran plans to continue increasing palm oil imports from Malaysia to reach one million tonnes and above annually in a bid to address the expected growing demand over the next few years.
According to Malaysia’s palm oil export to the Middle East year-on-year overview, Iran imported a total of 309,704 tonnes of palm oil from January to May this year, seeing a whopping five-fold growth in comparison to last year’s 63,039 tonnes for the same period.
“Iran tops the list for palm oil import volume this year among nine other Middle Eastern countries in the region,” said the Embassy of the Islamic Republic of Iran in a statement today.
It noted that Iran is also ready to become Malaysia’s hub for the distribution of palm oil and palm oil-related products into the lucrative markets in West Asia and Central Asian countries bordering its country.
“To further fuel the industry and re-escalate bilateral trade activities, Iran will continue to increase palm oil imports as the country paves the way into economic recovery from the effects of the pandemic,” the statement added.
Both Iran and Malaysia had witnessed significant growth from 2016 to 2018 consecutively following Iran’s Nuclear Deal in 2015, and bilateral trade value between the two sides rose from RM2.82 billion in 2016 to RM4.52 billion in 2017.
-- BERNAMA
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