By Emma Jolly Wambui and Peace Muthoka
Kenya has hosted this year’s Malaysian Palm Oil Forum, which aims to establish strong relationships that enhance business opportunities between Malaysian palm oil suppliers and their buyers.
In line with the theme of the forum, ‘Pioneering Sustainable Solutions for a Better Tomorrow’, Malaysian Deputy Prime Minister and Minister of Plantation and Commodities Dato’ Sri Haji Fadillah bin Haji Yusof pointed out the importance of the Malaysia-Kenya trade relationship, with Kenya being the 5th largest destination market for Malaysian palm oil in the East African Region.
Speaking at a Nairobi hotel, Yusof emphasized that the mutual business relationship between Malaysia and Kenya has increased bilateral trade, reaching USD 1.19 billion in 2022.
“We encourage the private-public partnership in both Malaysia and Kenya to seize the numerous opportunities in downstream higher value-added palm derivatives and to explore new avenues for expanding the edible oil and palm oil businesses in areas such as oleochemicals, pharmaceuticals, processed foods, and consumer brands,” he urged.
According to Yusof, the significant role of palm oil in Malaysia’s economy, being the highest-valued agricultural commodity exported in 2022, generated a revenue of (Malaysian Ringitt) RM137.8 billion.
At the same time, Malaysian Palm Oil Council Chief Executive Officer Belvinder Sron said that Malaysia supplies approximately 87 percent of Kenya’s total oil exports and is used widely in various sectors of the Kenyan market, primarily in food applications.
Speakers in the Forum featured prominent local industry players and International experts from Malaysia, Europe, and Kenya, as the event gathered industry players and stakeholders from Malaysia and Kenya, strategically targeting stakeholders of the oils and fats industry in the East Africa region.
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