POTS 2017 To Enhance Malaysia-Iran Trade Ties

From Azizul Ahmad TEHRAN, Feb 6 (Bernama) -- The Malaysia-Iran Palm Oil Trade Fair and Seminar (POTS Iran 2017) is expected to enhance trade ties between both countries, while attracting new entrepreneurs and help invigorate dealings in the commodity. Plantation Industries and Commodities Minister Mah Siew Keong said POTS Iran 2017 is a platform to widen collaboration between Malaysian and Iranian industry players. "I would like to encourage Iranian businessmen to venture into projects in identified new areas within the palm oil sector. "Malaysia offers business friendly policies to help in the growth of the palm oil downstream sector," he said before launching POTS Iran 2017 here Monday. The one-day event is co-organised by the Malaysian Palm Oil Council (MPOC) and Malaysian Palm Oil Board (MPOB), with about 300 participants from Iran and 100 from Malaysia. Mah said POTS Iran provides an opportunity for the business communities of both countries to explore new openings in the use of palm oil for both food and non-food applications. "There is ample potential and opportunities to further enhance palm oil trade and applications within Iran. "There are many areas that Iran can benefit from by using palm oil as a base for its oils and fats industry. "These include the food and non-food sectors, such as the production of blended cooking oil, palm-based solid fats, particularly in vegetable ghee and confectionery products, as well as applications in various oleochemical formulations," he added. By using palm oil as an ingredient, Mah said finished products would benefit from the competitive prices it offers in comparison to other soft oils. Further economic gains can be achieved by processing palm oil based products in Iran, which provides an opportunity for re-export to third countries or markets within the region. "The industry in Iran is therefore encouraged to synergise and capitalise on this opportunity with its Malaysian counterparts. "Malaysian palm oil is readily available owing to its perennial nature and at highly competitive prices. We also provide full assurances associated with quality and sustainable cultivation practices," said Mah. Meanwhile, the minister also launched MPOB's information booklet on the benefits of palm oil in Persian at the event. He witnessed at the same time, a signing ceremony on a palm oil trade agreement between Unitrade Capital Sdn Bhd and Varan Caspian, an Iranian company. Iran has demonstrated a wide acceptance of Malaysian palm oil with close to 82 per cent of the total imported in 2016 being of Malaysian origin. In 2016, Malaysian palm oil and palm oil product exports to Iran increased by close to 10 per cent to 453,172 tonnes valued at US$331 million. The main products exported were RBD (refined, bleached and deodorised) palm olein at 250,469 tonnes, RBD palm oil and shortenings at 85,739 tonnes and 12,331 tonnes respectively. Mah is leading the Malaysian Economic and Technical Missions on Palm Oil, Timber and Rubber Products to Iran from Feb 5-7 and to India on Feb 8-9. -- BERNAMA