Experts advocate lifting palm oil ban to preserve forex

Experts recently explained at an international conference in Colombo that a huge amount of money available for the country's finances is drained as millions of dollars are spent on importing edible oil to Sri Lanka. 

There is a huge demand for palm oil, as more than 60 per cent of food products in supermarkets are made from palm oil.

This is the main reason why Sri Lanka should seriously consider lifting its ban on palm oil, the experts pointed out.

This was discussed at the Sustainable Futures Workshop on the benefits of using vegetable oil which was held at Lotus Tower in Colombo 10, organised by the Nucleus Foundation recently.

The event's principal partner was the Ministry of Agriculture and Industry, with assistance from Solidaridad, the Indonesian Embassy, and the Malaysian High Commission.

According to Dr. Shatadru Chattopadhayay, CEO of Solidaridad Asia, there is a chance that palm oil will flourish based on Sri Lanka's achievements in the tea industry. It will need more land to substitute other vegetable oils for palm oil. The two types of oils that palm oil offers—palm oil and palm oil—help to prolong the call. Furthermore, the production of palm oil promotes industrial growth and jobs. It's crucial to go beyond product evaluations and substitutes for this.

 Neighbouring markets, including Pakistan and Bangladesh, offer significant business opportunities. Indonesia, Malaysia, and Thailand are the main producers of rapeseed oil, accounting for 90 per cent of world production.

Millions of individuals worldwide are employed in this industry, in addition to millions of smallholder farmers. There is a misconception regarding palm oil, according to Atul Chaturvedi, Director of the Asian Palm Oil Association, but inside the APOA (Asia Pacific Palm Oil Association), there is a clear awareness of the advantages and drawbacks of palm oil.“APOA is working hard to dispel myths about palm oil. The conference in Sri Lanka was held in a unique location and brought together a group of scientists and industry experts. The participation of a large number of delegates reveals how important edible oils are. Both India and Sri Lanka have the same per capita consumption of edible oil and this is expected to increase with the increase in taxes. As Sri Lanka's economy grows, dependence on imports will continue if the ban on palm oil cultivation continues.” 

India imports 16 million tonnes of edible oil annually; which is worth $18 to $19 billion. India needs to be careful about the mistakes it makes as Sri Lanka's dependence on imports will continue to increase. Both countries need to address the issue of food security, Mr. Chaturvedi said.

He added that disinformation about palm oil in India was largely driven by vested interests. “If palm oil were produced in  Western countries, things would be different: Palm oil would not be vilified. The oil industry enhances food security in these countries because it supports a large portion of the edible oil consumed by the populations in these countries. Palm oil is widely used in a variety of foods because of its versatility, affordability, and functionality.”