OPPORTUNITIES IN SENEGAL

Senegal keen to import palm oil from Malaysia

Business Times

Saturday - April 25, 2009

by Rupa Damodaran

Malaysian palm oil producers can grow their exports to Senegal when duties are lowered later this year, said Malaysian ambassador to Senegal Datuk Jamiyah Mohamed Yusof.

Palm oil is not exported directly to Senegal right now as importers buy between 100,000 and 200,000 tonnes of palm oil from neighbouring African countries.

“They are keen to receive palm oil from Malaysia but have not established contacts with Malaysian companies.”

Speaking at the Malaysia External Trade Development Corp roundtable talk on business opportunities in Senegal yesterday, Jamiyah said apart from locally produced groundnut oil, the West African state has been importing soyabean oil from Brazil and Argentina.

A palm oil trader said his shipments have been slapped with a high tax of between 64 and 73 per cent last week as Senegal wants to protect its local groundnut oil.

“We’ve heard that the government is planning to lower these duties by the end of the year.”

Senegal is also interested to plant oil palm in the southern part of the country and it has sought Malaysia’s help.

There are opportunities for property developers, motorcycle manufacturers and even spare parts for the military as Senegal’s troops are part of the peacekeeping force in hotspots like Rwanda and Congo.

With Malaysian products limited in Senegal, Jamiyah said sectors like food processing, packaging, furniture, medical disposable items and electrical and electronic products could make a headway in its market and to other West African states.

For 2008, trade between both countries totalled RM53.97 million.