Bengaluru : Addressing the opening ceremony of ASEAN Chamber of Commerce & Industry Business Meet 2019 in Bengaluru, Honourable Datuk Seri Shamsul Iskandar bin Mohd. Akin, Deputy Minister of Primary Industries Malaysia, said Indian consumption of Palm Oil is projected to grow 400 percent by 2025 and make it the fifth largest consumer market in the world.

One of the largest commodities traded in the ASEAN region is palm oil and India is one of Malaysia’s most important export destinations. India’s oils and fats market are dynamic and continue to grow with population growth and increased affluence. India imports about 60% of its total consumption of oils and fats and ASEAN plays an important role in sufficing the country’s demand.

The palm oil usage can be categorized into;

• Source of food (global food security): 80%
• Oleochemicals: 15%
• Biofuels: 2%
• Renewable energy source: Potential remains largely untapped through palm biomass

Honourable Datuk Seri Shamsul Iskandar bin Mohd. Akin Deputy Minister of Primary Industries Malaysia, further added, “We are grateful for the support from India for the ASEAN commodities sector and believe that more could be achieved. Our commodities segments need a major technology boost and there could be opportunities to latch on untapped expertise which is already available with India. Thereby, we look forward to explore new opportunities for mutual benefits of all.”

In recent year’s agriculture sectors have been challenged, especially by Western environmental NGOs as a major contributor to greenhouse gas emissions and climate change. The palm oil trade has faced disagreement from anti-palm oil campaign and the EU Delegated Act to ban palm biofuels. ASEAN as a grouping has responded by withholding the sign-off of the EU-ASEAN FTA. The Deputy Minister of Primary Industries Malaysia, in his opening speech at ASEAN Chamber of Commerce & Industry Business Meet, additionally urged India to support ASEAN with these challenges.