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Malaysian palm oil players to trade on AladdinStreet platform

The Edge logo The Edge 4 days ago Sangeetha Amarthalingam
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KUALA LUMPUR (Nov 14): The Malaysian Palm Oil Board (MPOB) today entered into a strategic partnership with e-commerce platform AladdinStreet.com.my to help expand the sale of palm oil, and palm oil based products from raw materials to finished products, in the Chinese market.

The deal signed between MPOB's Palm Oil Research and Technical Institute (PORTSIM) in China and AladdinStreet, owned by Aladdin Group Sdn Bhd, would enable the players to capitalise on incentives and facilities offered by the Chinese government under its One Belt, One Road initiative, said MPOB in a statement.

The incentives and facilities include competitive preferential tax, AladdinStreet's free warehousing facilities in the free trade zone in Shenzhen and Zhengzhou, cost-effective logistic systems, and wider access of palm products to China through the special customs clearance in e-commerce.

"AladdinStreet has very strong marketing strategies in helping the merchants market their products in China. E-commerce is a game changer and the way forward for the Malaysian palm oil industry to enhance its accessibility to the world market," said MPOB.

The signing was witnessed by Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong.

AladdinStreet senior vice president Datuk Seri Vincent Tiew told theedgemarkets.com that the platform launched two months ago has experienced 30% to 40% growth in sales since then.

"We believe this platform will provide palm oil merchants who are involved in exports an additional and alternative channel to conduct deals on a business-to-business, and business-to-customer level," said Tiew.

He said the home advantage in AladdinStreet, co-founded by Malaysian astronaut Datuk Sheikh Muszaphar Shukor, signifies its commitment to local players.

"We believe the players can see a 5% to 10% boost in terms of awareness for exporters to palm oil factories and manufacturers in China. Chinese businesses can identify potential suppliers and planters via the platform," he added.

 

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