KUALA LUMPUR (28 August 2018): Minister of Primary Industries YB Teresa Kok today launched the 7th Malaysia Palm Oil Trade Fair and Seminar (POTS) organised here by the Malaysian Palm Oil Council for two days.
Themed “Embracing Change in a Transforming Marketplace”, POTS KL 2018 has the dual aim of bringing together various stakeholders in the palm oil industry to network and enrich participants with the latest developments in this important industry, whilst imparting knowledge on the challenges, opportunities and prospects of palm oil in the global oils and fats market.
More than 400 local and international participants from 25 countries attended the conference with 31 papers on topics covering market outlook, technology innovations, nutrition and sustainability presented.
In her speech, YB Teresa said the way forward for the industry was for Malaysia to ensure its leadership in palm oil is maintained particularly in furthering the midstream and downstream sectors, through continuous R&D efforts, redefined business approaches and strategic partnerships.
“In the upstream sector, opportunities exist in technology innovation, farm mechanization, agricultural expertise and raw materials management. One such example is the development in genome sequencing for palm oil, where the related expertise in biotechnology has been made available. Such progression ultimately benefits breeders, producers and consumers of palm oil,” she added.
The Minister also spoke on the negative publicity against palm oil including allegations by NGOs that the industry was damaging, unsustainable and accountable for rainforest and wildlife habitat destruction.
“The latest challenge is the EU’s Renewable Energy Directive II (RED II) campaign and moves to ban palm biofuels. After many months of battle and backing our claims with proven facts, the EU Trilogue voted not to discriminate against palm biofuels. But the battle is only half won since there will be pumped up activity on the basis of Indirect Land Use Change or ILUC.
“We stand formidable as a nation to address these challenges and I will be engaging with my European counterparts through bilateral discussions to take up such emerging challenges. The support of the European industries is also crucial and we will look forward to any support offered by our loyal importers,” she said.
POTS KL was introduced in 2006 as a marketing tool to further enhance the market potentials and trade opportunities for palm oil in the international oils and fats trade. It brings together buyers and sellers in the palm oil trade to exchange relevant information, explore new opportunities and conclude trade.
