Mumbai, 28 Aug (Commoditiescontrol):Highlighting a significant move in the global trade landscape, The Solvent Extractors' Association of India (SEA) unveils plans to sign a pivotal Memorandum of Understanding (MoU) with the Thai Palm Oil Crushing Mills Association. This forthcoming alliance aims to streamline and boost trade interactions, facilitating enhanced relations between Indian oil refiners and their Thai crude palm oil-producing counterparts.
Annually, India's vegetable oil market sees imports crossing the 14.0 million tons mark, with a dominant segment being palm oil, mainly procured from Indonesia and Malaysia. Thailand's rising stature, with an annual crude Palm Oil output of 3.2 to 3.5 million tons, showcases shifting trade dynamics. Intriguingly, approximately 1.0 million tons of this production is exported to India, accounting for a robust 30% of the nation's total palm oil imports.
Guided by the seasoned leadership of Mr. Ajay Jhunjhunwala and his Deputy, Mr. Atul Chaturvedi, a select SEA delegation of 19 prominent importers and refiners undertook an insightful expedition to Surat Thani, Thailand's oil palm cultivation epicenter. Spanning August 23-27, 2023, the mission centered on delving deep into the Thai Palm Oil ecosystem, comprehending production and export capacities, gauging logistics efficiencies, and establishing robust ties with the local industry leaders.
This enriching tour facilitated SEA's in-depth B2B engagements with leading palm oil stakeholders in Surat Thani. A notable part of the itinerary was a visit to Krabi Port, providing the delegation a practical perspective on the logistics of crude palm oil transportation to India.
Further accentuating the trade discussions, SEA's delegates collaborated with eminent Thai government officials, including Pol. Gen. Tamasak Wicharaya, Mr. Burin Sukphisal, and Ms. Supatra Sawaengsri. These dialogues illuminated Thailand's strategic palm oil development ambitions and underscored the potential for amplified bilateral trade.
In a move reflecting commitment to sustainability, SEA, in partnership with Solidaridad, proposed assisting the Thai industry in sculpting a localized sustainable palm oil model, an initiative that garnered significant appreciation.
This series of engagements will find its zenith with the MoU's signing, set to coincide with SEA's 60th-anniversary gala on September 28th, 2023, in Mumbai. This monumental event promises participation from a distinguished delegation representing the Thai Palm Oil Complex.
(By Commoditiescontrol Bureau; +91-9820130172)
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