Malaysian companies are planning to build palm oil factories in Myanmar, according to Malaysian Minister.
Dr. 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. Malaysia government has planned to extend its market in Myanmar and also for exporting,” said the Minister.
In 2012, Malaysia exported a total of 345,000 tons of palm oil and its related products to Myanmar, added the minister.
“Malaysia has great ambition concerning this matter as Malaysia palm oil has 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 of palm oil, the price of palm oil will become more stable.
There is a few changes in import prices, but palm oil price remains unchanged in the local market. Some think that there may be an increase in price of local consumer goods because of rise in dollar prices.
Source : Eleven Myanmar / July 1, 2013