Published on November 28, 2019 on The Edge Markets
SEOUL (Nov 28): Malaysia is not only appreciative of the interest shown by South Korea to purchase its palm oil but also counting on the latter to relax its regulation on the import of tocotrienols (vitamin E) which are present in the commodity.
The matter was discussed in a bilateral meeting between delegations of both countries led by Prime Minister Tun Dr Mahathir Mohamed and South Korea’s President Moon Jae-In here, today.
A Malaysian official met after the meeting said South Korea had made known of its interest to purchase 6,000 tonnes of local palm oil worth US$9 million for the United Nations World Food Programme (UNWFP).
“As you know, tocotrienols is part of the Vitamin E family and an antioxidant that helps neutralise free radicals which are linked to a host of health issues. Palm oil has a lot of it,” he added.
The meeting also discussed the possibilities of using the Official Development Assistance (ODA) to fund joint research for biodiesel in the marine industries, while looking at the potential of working with Malaysian producers to supply red palm olein products for UNWFP.
According to the official, the prospect of leveraging the Malaysian Sustainable Palm Oil (MSPO) criteria to obtain credit letters from Bank of Korea, and using it as a benchmark in the Renewable Portfolio Standard was also brought up.