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Malaysia positive on commodities trade with China

Updated: Aug 27,2018 9:42 PM     Xinhua

KUALA LUMPUR — Malaysia is positive on the recently-inked cooperation deals with China which are expected to boost Malaysia’s commodity exports to the world’s second largest economy, a minister said.

Primary Industries Minister Teresa Kok said in a statement that the engagements during Malaysian Prime Minister Mahathir Mohamad’s visit to China and the extended interaction, dialogue and engagements had overall resulted in positive outcomes and key initiatives that would facilitate greater export of Malaysian palm oil and various agriculture commodities into China.

Three MOUs for palm plantation had been signed during Mahathir’s visit to China on Aug 17-21.

The minister said the recent tie-up between China National Cereals and Oils Foodstuffs Corporation (COFCO) and Sime Daby Plantation Berhad was considered a landmark initiative and immediate work had commenced between the parties to realize actual trade.

As for the Memorandum of Understanding (MOU) signed between Malaysian Rubber Board and Hainan State Farms Bureau and Investments Holding Group, she said the move was expected to create greater demand and market opportunities for Malaysian rubber smallholders and industry.

Kok also saw the MOU sealed between China’s Tsinghua University and Malaysian Palm Oil Board (MPOB) an important initiative for palm oil industry.

“The top notch research team at the university was highly positive that the collaboration with MPOB will be a major factor to determine China’s own milestones for use of palm-based bio fuels in its overall renewable energy mandates,” she added.