BEIJING: Malaysia will be exporting more palm oil to China in the next five years.
A Memorandum of Understanding was signed Thursday for China to buy an additional 1.9 million tonnes of the commodity, worth about RM4.56bil, from 2019 to 2023.Representing Malaysia at the signing ceremony was Malaysian Palm Oil Council board member Datuk Dr Tan Yew Chong.
On China's side, it was signed by Cao Derong, president of the China Chamber of Commerce of Import and Export of Foodstuffs, Native Produce and Animal By-products. The event was witnessed by Prime Minister Tun Dr Mahathir Mohamad and his Chinese counterpart Li Keqiang at Diaoyutai Guest House here. Last year, it purchased nearly two million tonnes of palm oil from Malaysia.
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