The Malaysian government is looking to expand its palm oil trade with Pakistan after the world’s biggest palm oil buyer, India, imposed new restrictions on its traders.
“Pakistan is one of Malaysia’s most regular and dependable buyers of local palm oil and products,” Malaysian Primary Industries Minister Teresa Kok said, read a statement by the Ministry of Primary Industries in Malaysia, following the minister’s visit to Pakistan.
Following Malaysian President Mahatir Mohammad pro Kashmir stance, the Indian government has informally asked palm oil refiners and traders to stop buying Malaysian palm oil.
The Malaysian Primary Industries Minister Teresa Kok met with Pakistan’s Adviser for Commerce, Textiles, Industry and Production and Investment Abdul Razak Dawood on Sunday. Teresa Kok acknowledged Pakistan as one of Malaysia’s most regular and dependable buyers of local palm oil and products.
According to the Ministry of Primary Industries of Malaysia, Pakistan imported palm oil worth $730 million from Malaysia in 2018. The Ministry of Primary Industries further added that the country is looking to expand its palm oil share in the Pakistani market further.
The recent restrictions by the Modi government could be a serious blow to the Malaysian palm oil market. As per a report, India imported palm oil worth $3.8 billion in 2018, out of which palm oil worth $1.3 billion came from India.
