MIDA calls on more oleochemical players to move downstream

Malaysia is calling on more companies in the oleochemical industry to diversify into the production of higher value products.

Malaysian Investment Development Authority (MIDA) Chief Executive Officer, Dato’ Azman Mahmud made the call to encourage industry players to focus on specialty oleochemical derivatives that are more innovative, technology-driven as well as safe for the consumers and environmentally- friendly. The growing awareness on environment preservation should open up new business opportunities, especially in the production of green chemical products, he added.

Azman was speaking at a seminar-“Oleochemical Industry in Malaysia: Downstrean Expansion and Sustainability” at MIDA headquarters yesterday.

He said Malaysia with its ample supply of raw materials and available technology, is well-positioned to tap the growing demand for oleochemicals, adding that Malaysia now accounts for some 20% of the world's oleochemical production.

Other downstream oleochemical products that are being promoted include surfactants, bio lubricants, agrochemicals, glycerol additives, biopolyols, food emulsifiers, cosmetics, soap bars, laundry detergents, toothpaste and shampoo.

Malaysia, which is among the top exporters of basic oleochemical products, exported some RM11,455.6 million of the products last year to the EU, USA, China, Japan and India.

Source: MIDA and NST Business Times and StarBiz 21 Aug 2014

Posted on : 21 August 2014
//
Last Updated : Thursday 17th October 2019