Nairobi — Malaysia is looking to export more palm oil to Kenya, coming at a time when prices of palm oil have skyrocketed due to disruptions in the global supply chain.
The Malaysian Palm Oil Council today held an East African summit whose point of discussion was palm oil.
The council also revealed that 95 percent of the country’s crude palm imports comes from the Asian countries.
Speaking during the summit, Malaysian deputy prime minister Dato Sri Haji Fadillah Bin Haji Yusof underscored the importance of the Malaysia-Kenya trade relationship, observing that Kenya is a vital market for Malaysian palm oil in the East Africa region.
“Today’s event underscores the importance of Kenya as a trade partner. Kenya holds immense significance in the palm oil industry as demonstrated by statistics as the fifth largest destination for our nation’s palm oil export with a volume exceeding 763,000 tons in 2022,” said the Malaysian deputy premier.
The forum also featured prominent local industry players and international experts from Malaysia, Europe, and Kenya.
Industrial Guru Vimal Shah, who is Bidco chairman, called on the government to keep the excise duty sector favourable in order to enhance more production.
In 2021, Kenya imported 1.26 billion dollars worth of palm oil, becoming the 9th largest importer of palm oil in the world.
Subsequently, palm oil was the second most imported product in Kenya from Malaysia, Indonesia, Thailand, Singapore, and the Philippines.