Malaysia clinches major oil palm deal with Saudi Arabia

KUALA LUMPUR: In what is seen as a major breakthrough for Malaysia, Saudi Arabia will become Malaysia’s hub for the import and distribution of palm oil and palm oil related products into the lucrative Gulf Cooperation Council (GCC) and the Middle East and North African (MENA) markets.

International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali said the oil-rich kingdom of Saudi Arabia would also increase the import of palm oil and related products from Malaysia.

Malaysia would also look into the setting up of palm oil refinery and processing plants in the region, he wrote in his twitter account, highlighting the highly-successful outcome of his trade and investment mission to Saudi Arabia.

Mohamed Azmin, who is also Senior Minister, said the Malaysian delegation he led also had productive meetings with the Savola Group, one of the leading strategic investment holding companies in MENA, with a portfolio of leading brands in the food and retail sectors.

“We also discussed the vast potentials that could be tapped into by expanding Malaysia's fast-moving consumer goods (FMCG) exports to Panda, the Kingdom’s largest retail chain,” he added.

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 in March.

-- BERNAMA