21 January 2024
U Aye Win, Chairman of the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry(UMFCCI), said that domestic consumption of palm oil is high and insufficient, so have to import it from abroad.
It was said at the (31st) Annual General Meeting of the Myanmar Oil Traders and Oil Industry Association was held on January 20th at the Mingalar Hall of the UMFCCI.
“As the development of domestic production is mandatory, we must work for the production of more oil crops and the development of oil mills. Currently, we are facing challenges in the palm oil sector, but we hope that we can overcome them through mutual cooperation,” said U Aye Win, Chairman of UMFCCI.
He said that as local agricultural products improve, local farmers will not only have employment opportunities in urban and rural areas but also increase their incomes.
The domestic palm oil consumption is estimated at one million tonnes per year. To meet domestic demands, about 700,000 tonnes of palm oil are imported yearly through Malaysia and Indonesia.
