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Malaysia clinches major palm oil deal with Saudi Arabia

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Saudi Arabia will become Malaysia’s hub for the import and distribution of palm oil and related products into the Gulf Cooperation Council (GCC) and the Middle East and North African (MENA) markets.
International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali said this hub would mean increasing imports of palm oil and related products from Malaysia to the oil-rich kingdom.
Malaysia would also look into the setting up of palm oil refinery and processing plants in the region.
He said: “We also discussed the vast potential that could be tapped into by expanding Malaysia’s fast-moving consumer goods (FMCG) exports to Panda, the Kingdom’s largest retail chain.”
Going forward, he said that the Malaysia External Trade Development Corporation (MATRADE) plans to organise visits by the Savola Group to Malaysia, tentatively during the Malaysia International Halal Showcase (MIHAS) this year.
The mission is part of the Ministry of International Trade and Industry’s (MITI) continuous efforts to promote business opportunities and strategic partnerships between Malaysia and the West Asian region.
The mission is aimed at keeping the momentum of economic relations between Malaysia and both countries, following the official visit of Prime Minister Tan Sri Muhyiddin Yassin to Saudi Arabia and the United Arab Emirates (UAE) in March.
In our online poll on whether the European Union’s proposal to phase out palm oil-based biofuels by 2030 was the correct one, 1,365 people who took part said it was not.
This was a margin of 76% compared with 24%, or 420 votes, who argued that was the correct policy.