M'sian firms to expand palm oil production
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Malaysian companies are planning to build palm oil factories in Myanmar, according to a Malaysian minister.
Dato Seri Douglas, Minister of Plantation Industry and Commodities, told reporters that Malaysian companies are arranging to invest in the construction of palm oil factories in Myanmar.
“Myanmar companies will also cooperate with Malaysian companies in order to attain technical know-how. Our government plans to extend its market into Myanmar,” said the minister.
In 2012, Malaysia exported a total of 345,000 tonnes of palm oil and related products to Myanmar, added the minister.
“Malaysia has great ambitions concerning this matter as Malaysian palm oil is much demand in Myanmar. Businessmen from Myanmar and Malaysia are jointly planning to manufacture palm oil,” continued the minister.
After permitting private businessmen to import palm oil, the price of palm oil will become more stable, he added.
Despite fluctuations in import prices, the price of palm oil remains unchanged in the local market, bucking a trend. Some attribute the rising cost of local consumer goods to the rising value of the US dollar.
