MALAYSIAN PALM OIL FORUM – EGYPT 2024: STRENGTHENING TRADE TIES AND EXPANDING MARKET REACH IN NORTH AFRICA

Cairo, Egypt; 30 May 2024:

The Malaysian Palm Oil Forum (MPOF) Egypt 2024 officially opened today in Cairo, marking the second edition of this significant event aimed at enhancing the exports of Malaysian palm oil and its derivatives in the North African region.

YB Datuk Seri Johari Abdul Ghani, Malaysia’s Minister of Plantation and Commodities, delivered the keynote address, emphasising the critical role of Malaysian palm oil in the global market and its contributions to sustainable agribusiness.

The forum, hosted by the Malaysian Palm Oil Council (MPOC) in Cairo, attracted industry leaders, stakeholders, and experts from Egypt, Malaysia, and beyond, with key representatives from major Malaysian palm oil suppliers such as Wilmar International, FGV Holdings, Bursa Malaysia, Pacific Inter-Link, Alami Commodities, and Mac World Industries were also in attendance.

Egypt is a major trade partner and a significant consumer of Malaysian palm oil, making Cairo a strategic location for the forum. The aim is to expand Malaysian palm oil exports across the African continent, with Egypt serving as a pivotal hub for re-exports.

The MPOF is designed as a platform for professionals in the oils and fats industry to convene, collaborate, and form robust trade partnerships. It provides insights into the latest industry advancements and trends, featuring presentations from international experts and an exhibition where companies from Malaysia and Egypt showcase their products and services.

With the theme “Malaysian Palm Oil – Paving the Way for Sustainable Agribusiness,” the event underscores Malaysia’s commitment to sustainable practices. It also aligns with global environmental imperatives and highlights the strong bilateral relationship between Malaysia and Egypt. The Malaysian palm oil industry, contributing 23% to the global supply and generating USD 22 billion in exports last year, is crucial to Malaysia’s economy. The industry supports over 450,000 small farmers and is integral to various non-food sectors, including oleochemicals and renewable energy.

Addressing the areas of future collaboration and growth in the North African region, YB Datuk Seri Johari said, “the region offers significant opportunities for creating higher-value products from palm derivatives in sectors such as pharmaceuticals, cosmetics, processed foods, personal care, and consumer brands.”

Both our industry players can collaborate by forging new partnerships and building strategic alliances. These efforts will help us tap into new markets for Malaysian palm oil and further expand our presence in this region,” he added.

Commenting on the market, Ms Belvinder Sron, CEO of MPOC said, “the Egyptian palm oil market is evolving rapidly with palm oil being an economically essential and versatile edible oil crucial for both food and non-food industries. Palm oil and its derivatives are leading imported vegetable oils in Egypt with palm oil imports amounting to 1.08 million tonnes in 2023, accounting for 58% of the total oils and fats imports.”

The Malaysian Palm Oil Forum (MPOF), an initiative by the Malaysian Palm Oil Council (MPOC), serves as a platform for engagement between the Malaysian palm oil industry and key buyers and end-users. The forum aims to facilitate trade enhancement and explore avenues of collaboration. It targets stakeholders from other North African countries, fostering direct interactions between Malaysian palm oil suppliers and buyers. The MPOF seeks to drive innovation, form new partnerships, and explore untapped markets in Egypt and North Africa, particularly in creating higher-value products from palm derivatives.