MALAYSIAN MINISTER LAUNCHES COMMODITIES INTEGRATION
MARKETING COMPANY IN JEDDAH, SAUDI ARABIA TO
STRENGTHEN MARKET POSITION
27 January 2022
1. Hon. Datuk Hajah Zuraida Kamaruddin, Minister of Plantation Industries and Commodities of Malaysia officially launched the agricommodity regional office in Jeddah during a ministerial mission to Saudi Arabia followed by a Roundtable Discussion with the representatives of Palm Oil, Rubber and Timber Industries of Saudi Arabia to strengthen market position in this region for Malaysia’s agricommodity sectors.
2. The Commodities Integration Marketing Company (CIMC), the first of its kind in the Middle East, houses three government-linked organisations under one roof, namely Malaysian Palm Oil Council (MPOC), Malaysian Rubber Council (MRC) and Malaysian Timber Council (MTC).
3. The set-up of this agricommodity office is integral to facilitate the development and cooperation among Malaysian commodities and the local industries in the Middle East and North Africa (MENA) region, particularly Saudi Arabia. This will also lead to greater opportunities in enhancing trade for both countries.
4. Malaysian agricommodity products are well established in the world market and most are daily life essentials such as cooking oil, cosmetics, soap, gloves and house furniture and commonly used products in the industrial sector such as biofuel, structural bearings, automotive parts and building panels. Malaysia is not only recognised as the world’s largest exporter of rubber gloves and second largest exporter of crude palm oil, its agricommodity products are also known for its high quality and can be found in most parts of the world.
5. In 2020, Malaysian agricommodity export value to the Middle East and North Africa recorded a total of USD2.37 billion while rubber and its products recorded an export value of USD535 million. Similarly, timber and timber products recorded an export value of USD324.5 million whereas palm oil and palm oil products recorded USD1.51 billion.
6. Commodities Integration Marketing Company (CIMC) in Jeddah will act as the Malaysian Commodity Hub to foster international relations through various initiatives that are critical for the improvement and acceptance of Malaysian agricommodity products in the global market. The Ministry believes, the office in Jeddah is a testimony from both countries to deliver high quality Malaysian agricommodity products to Middle East and Africa in a responsible and sustainable manner.
7. In addition, Saudi Arabia has also committed to increase its imports of Malaysian palm oil from 318,000 tonnes, worth RM900 million last year to 500,000 tonnes, an increase of 182,000 tonnes with an estimated worth of RM1.5 billion this year.
HON. DATUK HAJAH ZURAIDA KAMARUDDIN
Minister of Plantation Industries and Commodities of Malaysia
Jeddah, Saudi Arabia
27th January 2022