MPOC ASKS MALAYSIAN PALM OIL PRODUCERS TO TAP NEW MARKETS

The Malaysian Palm Oil Council (MPOC) has asked Malaysian palm oil producers to look for new markets in West African countries, particularly Ghana, the Bernama news agency reported last week. Chairman Datuk Lee Yeow Chor said currently West Africa’s Gulf of Guinea was facing a shortage of oils and fats.  In fact, Ghana produces only 480,000 tons out of its total requirement of 680,000 tons of oils and fats, he told reporters at the Malaysia-Ghana Palm Oil Trade Fair & Seminar 2017 in Ghana. 

Lee said the MPOC had discussed with Ghana’s Ministry of Trade and Industry on incentives and government policies relating to joint ventures or sole ownership of enterprises for Malaysian companies who were keen to venture into its market.  Ghana is one of Malaysia’s biggest trading partners.

 The government of Ghana has introduced incentives to promote foreign businesses, Lee said, adding that for example, agro-processing companies needed to pay only one per cent income tax for the first five years of their operations, besides corporate tax reduction compared to the normal 25 per cent.