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ISTANBUL, May 16 (Bernama) — Malaysia’s exports of palm oil to Turkey rose more than four-fold in 2015 compared with the previous year driven by the free trade agreement (FTA) between both countries.

Malaysian Palm Oil Council Chairman Datuk Lee Yeow Chor said the FTA, which took effect in August last year, boosted Malaysia’s palm oil exports to Turkey last year to 398,729 tonnes compared with 77,682 tonnes in the previous year.

He said palm oil total trade rose by 65.4 per cent to US$941 million last year with refined, bleached and deodorised palm olein being the main palm oil product exported to Turkey, followed by palm stearin.

“Palm olein is mostly used in food industries and it is easy to see why palm exports to Turkey will continue to grow as demand for food will increase through higher population growth and increased disposable incomes,” he told reporters after launching the Malaysia-Turkey Palm Oil Seminar here today.

Lee said less explored sectors such as health, beauty and personal care, dietary supplements and oleo chemicals also require palm oil as an ingredient.

“These sectors are expanding along with Turkey’s increasing economic prosperity and growing population.

“I also encourage the business communities of both countries to develop smart partnerships to capture these lucrative markets,” he said

— BERNAMA