Bangladesh asks Malaysia to boost palm oil supplies ahead of Ramadan

Advisor to Bangladesh Commerce Ministry Bashir Uddin has requested Malaysian Minister for Plantation and Commodities Datuk Seri Johari bin Abdul Gani to take necessary steps at the earliest to increase the supply of refined palm oil to Bangladesh with the support of the Malaysian government ahead of the holy month of Ramadan, reports BSS News.

Abdul Ghani in response assured to take immediate action under the patronage of his government. During the meeting, the ministers highlighted various aspects of Bangladesh-Malaysia bilateral relations and briefed each other about the demand, production and supply chain of essential commodities. It is noted that Bangladesh during the visit actualized a plan to provide various essential commodities, including edible oil, at fair prices to 10 million families under the social safety net program through the state-owned Trading Corporation, which handles procurement and logistics.

The two sides also discussed cooperation in the development of the rubber industry, potential trade and investment opportunities, and the establishment of a joint commodity exchange based on the Chittagong Stock Exchange.

It is worth noting that Malaysia is the second largest producer of palm oil in the world and Bangladesh is one of the major importing countries in South Asia in terms of imports of Malaysian crude palm oil. Earlier, the Bangladesh government reduced VAT on soybean and palm oil imports from 15 percent to 10 percent until December 15, 2024.

Malaysia’s palm oil exports in November were down 5% month-on-month.

Tags: palm oil, Bangladesh, Malaysia