India is likely to import 2.5 million tonnes palm oil from Malaysia following its 5 per cent preferential duty on the edible oil, Malaysian Palm Oil Council CEO Kalyana Sundram said, as reported by the Press Trust of India (PTI).
“In 2018, India had imported 2.18 million tonnes s from Malaysia. This year due to our 5% preferential duty on palm oil, we are expecting it to go up to 2.5 million tonnes ,” Sundram told PTI on the sidelines of the 6th Malaysia-India Palm Oil Trade Fair and Seminar (POTS).
He said, India consumes 20 million of oils and fats and produces 10 million tonnes , the rest are imported. “We see huge potential for palm oil in India,” he added.
Speaking on the occasion, Malaysian Primary Industries Minister Teresa Kok said, the total trade between Malaysia and India has increased by 2.2 per cent to $ 15.56 billion in 2018 from $ 14.29 billion in 2017, which mainly comprised of palm oil, oils and gas, automobiles, chemicals, and finished goods.
While, Malaysian foreign direct investment (FDI) in India from April 2000 to March 2019, stood at $ 932.19 million.
“Palm oil is one of the largest commodities traded for Malaysia, and we regard India as a very important export destination. We should also explore new areas for further cooperation and rejuvenate our business linkages and cooperation, to ensure continuous progress of the palm oil industry,” she added. Kok also urged the private sectors of both the countries to explore areas for further cooperation and rejuvenate business linkages, in order to ensure continuous progress of the bilateral trade between the two countries.