KUALA LUMPUR – China today expressed its commitment to buy 1.7 million tonnes of palm oil from Malaysia until 2023, said Datuk Seri Hishammuddin Hussein.
The foreign minister announced this at a joint news conference following meetings with his visiting Chinese counterpart, Wang Yi, here today.
“We sincerely appreciate China’s commitment to purchase 1.7 million tonnes of palm oil until 2023.
“We also discussed opportunities to engage in trilateral cooperation using Malaysian palm oil and palm oil-based products to address food security in third countries.”
In 2017, Malaysia exported 2.87 million tonnes of palm oil and its derivatives, worth RM9.42 billion, to China.
Exports of the oil and its related products to China rebounded 17.8% last year, after declining for seven consecutive years.
According to the Malaysian Palm Oil Council, the country’s palm oil exports to China increased by 438,747 metric tonnes – or 31.1% – to 1,848,433 metric tonnes for the period between January and August this year.
Hishammuddin said Wang suggested that Malaysia and China complement each other through the Belt and Road Initiative (BRI).
“Malaysia reaffirmed its unwavering support for BRI based on the principles of mutual trust, mutual benefits and shared prosperity.” – Bernama, October 13, 2020
