https://www.sinchew.com.my/content/content_2146900.html 
Source: sinchew.com.my

(Putrajaya 14th) Bohai Malaysian ASEAN Commodity E-Commerce Trading Platform today signed a memorandum with China's Bohai cross-border e-commerce and Hakan Agro DMCC from the United Arab Emirates, pledging to sell 2.5 million metric tons of palm oil to China and India next year.

Prime Minister Tun Mahathir, Foreign Minister Datuk Seri Saifu Fuding and former Minister of Industry Guo Suzhen witnessed the signing ceremony today at the Chief Leadership Foundation.

Bohai cross-border e-commerce is committed to assisting the export of 1.5 million metric tons of palm oil to the inland provinces of China, and another 1 million metric tons will be sold to India.

Guo Suzhen: Prove that India still buys horse palm oil

Guo Suzhen said at the press conference that today's signing ceremony confirmed that India still imports palm oil to Malaysia. India has 1.3 billion people and numerous traders. Not all traders have bought Malaysian palm oil.

Hakan is a commodity supply chain company with extensive operations in the Indian subcontinent, the Middle East and the UAE.

The representative signed the signing of the Chairman of the Bohai Dama ASEAN Commodity Exchange, Kai Luding, Chairman of the Bohai Commodity Exchange, Dong Dasheng and Hakan Company Managing Director Sudaka Doma.

Guo Suzhen pointed out that Hakan, which is deeply rooted in merchandise trade, is confident that it will sell 100 metric tons of palm oil to India in 2020. The efforts of the Ministry of Primary Industries and the Malaysian Palm Oil Commission to promote the diversification of palm oil into new markets have also enhanced the enthusiasm of these companies.

As for the Chinese market, she said that the companies will gather inland areas that are less exposed to palm oil, which have significant growth potential due to their large population.

“I am pleased that these experienced international supply chain managers have helped to promote the diversification of the Malaysian palm oil market.”

Guo Suzhen said that due to the EU's replacement of palm oil biofuels and the recent pressure from the Indian Refining Association to stop buying, the signing of the memorandum was timely and popular.

Confident to find new markets

She said that in addition to India and China, she is confident that Malaysia can find new and alternative palm oil markets, and Malaysia looks at the ASEAN, Africa and Middle East markets.

She said that, encouraged by the recent surge in palm oil prices, the palm oil industry will prove that many of the interference factors are wrong, including India's export record has increased to 4 million metric tons due to India's favorable tax structure.

Author: Li Jingyun
Source: Sin Chew Daily 2019-11-14