The Malaysian Palm Oil Board (MPOB) has signed a memorandum of understanding (MOU) with an Indian trade body to promote the exchange of vegetable oil sector knowhow between the two countries.
The MOU with the Indian Vegetable Oil Producers’ Association (IVPA) seeks to encourage collaboration between Malaysian and Indian companies in commercial and technical areas, MPOB director-general Dr Ahmad Parveez Ghulam Kadir told Bernama.
It covers areas such as sustainable vegetable oil production and trade, technology transfer and capacity building in palm-oil based industries, and promotion of best practices and quality standards.
The MOU was signed on Friday (Aug 4) on the sidelines of an industry conference in New Delhi.
IVPA president Sudhakar Desai said Indian companies can benefit from Malaysia’s advanced knowledge in palm oil products and equipment.
“There can be scope for mutual interaction and discussions in a number of areas,” Sudhakar said.
“Malaysia has been a supplier to India for ages, but with this MOU we want to take the relationship beyond buyer-seller transactions,” he said.
India is Malaysia’s top export destination for palm oil. It purchased 1.22 million tonnes of palm oil in the first six months of 2023, representing 17.3 per cent of Malaysia’s export volume for the period.
Source: Nam News Network