Integrated marketing company in Jeddah to act as Malaysia commodity hub, says minister

Integrated marketing company in Jeddah to act as Malaysia commodity hub, says minister

,

Plantation Industries and Commodities Minister Datuk Zuraida Kamaruddin said the the Jeddah office will lead to bigger opportunities for bilateral trade between Malaysia and Saudi Arabia. — Bernama file pic
Plantation Industries and Commodities Minister Datuk Zuraida Kamaruddin said the the Jeddah office will lead to bigger opportunities for bilateral trade between Malaysia and Saudi Arabia. — Bernama file pic

KUALA LUMPUR, Jan 28 — The Commodity Integrated Marketing Company (CIMC) in Jeddah, Saudi Arabia will act as a commodity hub for Malaysia as the government seeks to penetrate global markets.

Minister of Plantation Industries and Commodities Datuk Zuraida Kamaruddin, who officiated the CIMC, also known as the country’s Regional Agricommodity Office in Jeddah today, said the office is important for Malaysian commodities in the Middle East North Africa (MENA) market, especially Saudi Arabia.

“The ministry believes the Jeddah office is a testimony of the commitment of both countries to deliver high quality agriculture products to the Middle East and Africa responsible and sustainably.

“This will lead to bigger opportunities for bilateral trade between the two countries,” she said in a statement.

The CIMC will house three government-related organisations under one roof, namely the Malaysian Palm Oil Council (MPOC), the Malaysian Rubber Council (MRC), and the Malaysian Timber Council (MTC).

The minister also held discussions with industrial representatives from the palm oil, rubber, and timber sectors from Saudi Arabia in an effort to strengthen Malaysian commodity markets in the region.

Saudi Arabia is committed to increase Malaysian palm oil imports from 318,000 tonnes, worth RM900 million last year, to 500,000 tonnes this year worth an estimated RM1.5 billion.

In 2020, Malaysian commodity exports to MENA registered US$2.37 billion (US$1=RM4.19) while rubber and related products recorded an export value of US$535 million.

Timber and timber products worth US$324.5 million were exported there while palm oil and palm oil products notched US$1.51 billion. — Bernama

Read More

Free weekly Newsletter

A weekly breakdown of forecasts and trends

Enter your contact info to get The Financial Gambits VIP Newsletter for FREE.

We hate spam as much as you, if you dont like it just unsubscribe and we will never bother you again