US-Malaysia palm oil players urged to explore new opportunities in sector

US-Malaysia palm oil players urged to explore new opportunities in sector

LOS ANGELES, Oct. 15 (PNA/Bernama) — Palm oil industry players from both the United States and Malaysia are strongly encouraged to explore opportunities within existing and new areas in the palm oil sector in the country.

Malaysia Palm Oil Council (MPOC) chairman Datuk Lee Yeow Chor said the organisation would offer its best assistance to address specific needs in bringing together new buyers, as well as sellers, and further enhance palm oil trade between the two countries.

“Palm oil has been playing an important role in the US and its import is expected to remain strong going forward.

“Last year, the US imported 4.27 million metric tonnes of oils and fats, of which palm oil supplied 1.19 million metric tonnes or 28 per cent of the total, he said.

Speaking at the ninth edition of the Global Oils and Fats Forum USA (GOFF) here on Wednesday, Lee said the Americas region, and particularly the US, is an important market for Malaysian palm oil.

“While the palm oil trade continues to flourish, issues brought up by anti-palm oil lobbyists linking it to sustainability concerns, continues to affect the industry.

“The Malaysia palm oil industry has been proactive and innovative in its approach in addressing this issue,” he added.

Meanwhile, Lee said Malaysia is ready to pass its knowledge and expertise in trans free formulations to the US and other end users in the region, as the adverse effects of trans-fatty acids from partially hydrogenated oils is already well known.

The US Food and Drugs Administration has also announced a ban on trans fatty acids in all food products across the US in three years’ time.

“Today, palm oil is much sought after as the global solution for trans free food formulations. The Malaysian palm oil industry has been using palm oil in various food applications for quite some time.

“Malaysia is committed to serving the needs of the US for palm oil and palm products,” he said.

The two-day GOFF event, ending tomorrow is jointly organised by the MPOC and the Malaysian Palm Oil Board.

The forum was officiated by Plantation Industries and Commodities Minister Datuk Amar Douglas Uggah Embas who is leading a Palm Oil Promotion Mission to the US from Oct 14-15.