The Indian Vegetable Oil Producers’ Association (IVPA) and the Malaysian Palm Oil Council (MPOC) have signed a memorandum of understanding (MoU) to further cooperation between the two organisations to promote the use of palm oil.
The MoU is expected to expand cooperation in areas of mutual interest, to promote the development and use of Malaysian palm oil and MSPO-certified palm oil.
According to a statement, it would advance the interests of producers, processors, users and consumers through product and market development support, and joint activities.
MPOC has collaborated with IVPA for the greater acceptance of Malaysian palm oil among Indian consumers, food manufacturers and other end-users.
The MoU also seeks to create greater awareness of Malaysian palm oil, benchmarked through the Malaysian Sustainability Palm Oil (MSPO) certification standards, whose objectives include demonstration of sustainability practices in the Malaysian palm oil industry.
The MoU aims to help educate Indian consumers on the nutritional and health benefits of palm oil and improve overall understanding of palm oil and its applications, while elucidating its strengths and benefits.
Enhancing trade opportunities
It also plans to enhance trade opportunities in the marketplace, by identifying, sharing and highlighting the latest opportunities through MSPO for Malaysian palm oil in India.
The agreement will seek to to familiarise the Indian palm oil processing sector with the latest business and technical developments in the Malaysian palm oil industry and its research bodies.
The MoU will encourage exchange of data on palm and edible oils and fats related business, besides technical, policy and administrative information.
MPOC will promote ‘Aatmanirbhar Bharat’ by assisting the Indian palm oil industry in sourcing technical knowhow, the statement said.
The areas of cooperation include the creation of an expert panel to assist development of India’s palm oil industry through the provision of information and expertise on latest technology applications and both upstream and downstream adoption.
IVPA and MPOC agreed to invite delegations for exchange of information and to create platforms for supplier and buyers’ meetings for trade promotion and development.
Wan Aishah Wan Hamid, CEO of MPOC, and Sudhakar Desai, President of IVPA, signed the MoU in Kuala Lumpur on July 28. The Malaysian Minister of Plantation Industries and Commodities, Zuraida binti Kamaruddin, was present on the occasion.