The Indian Vegetable Oil Producers’ Association (IVPA) has signed two separate MoUs (memorandum of understanding) with Malaysian Palm Oil Board (MPOB) and Palm Oil Refiners’ Association of Thailand (PORAT) to foster growth in the vegetable oil sector.

These MoUs were signed during the ‘IVPA Global Roundtable @ 2.0 on Veg Oil and Oilseed Sector’, organised by IVPA at New Delhi on August 4 and 5.

Terming the signing of MoU with MPOB as a key moment of the conference, Sudhakar Desai, President of IVPA, said the MoU aims to foster cooperation in areas of mutual interest leveraging both parties’ strengths to fuel the sector’s growth.

On the MoU with PORAT, he said this strategic collaboration aims to establish a long-term partnership between the countries. The aim is to foster growth and cooperation in the palm oil and vegetable oil industries.

Transforming perception

He said the momentous occasion during the inaugural ceremony of the global roundtable on August 4 was the launch of ‘World Vegoils Day’.

Stating that the inception of ‘World Vegoils Day’ marks a significant step towards transforming the perception of vegoils and fostering substantial growth in their production and productivity, he said one of the significant objectives of ‘World Vegoils Day’ is to boost production and productivity of vegoils to meet the increasing demand of the rising population for food and other products derived from vegoils.

By raising awareness and promoting innovations in agricultural practices and oil extraction techniques ‘World Vegoils Day’ aims to enhance the overall output of vegoils, and dispel myths, he said.

The second day of the conference delved into the outlook of the veg oil market in the latter half of 2023. Desai said experts discussed the key drivers in the palm oil, soyabean oil, and sunflower markets in India while addressing risks in the current volatile market to ensure sustainability.

The IVPA Global Roundtable @ 2.0 served as a catalyst for meaningful exchanges, paving the way for a brighter and more sustainable future for the entire industry and all stakeholders, Desai said.