ISLAMABAD, Nov 7: Malaysian Minister of Plantation, Industries and Commodities Datuk Peter Chin Fah Kui has offered joint ventures in the field of olio chemicals to the members of Pakistan Vanaspati Manufacturers Association (PVMA).

Talking to a PVMA delegation led by its chairman Sheikh Amjad Rashid at the sidelines of the World Economic Forum (WEF) here on Monday, the Malaysian minister assured guaranteed availability of necessary inputs and other incentives to the joint ventures set up in Pakistan in the field of olio chemicals.

Mr Datuk asked the chairman PVMA to build a consortium of the PVMA member units for import of palm oil products from Malaysia, as it will benefit them while negotiating the price as well as chartering of a ship for transportation of palm oil consignments.The chairman PVMA promised to look into this proposal during the meeting of the association being held on November 13.

He informed the minister that the PVMA was facing multiple problems with the Malaysian exporters of palm oil products as a result of which the Malaysian volume of trade of palm oil was shrinking in favour of its competitor country, Indonesia, which was offering lower prices.

He said if remedial measures were not taken, the Malaysian exporters will lose one of the biggest markets of palm oil products in Pakistan. Mr. Amjad pointed out there was always shortage of vessels carrying palm oil from Malaysia to Karachi. The PVMA members suffered high losses as they were required to pay the freight, customs duty and other taxes to the government, which is about 70 to 80 per cent of the C&F price of the commodity received by the PVMA members at Karachi ports.

The delay in shipment of the consignments to the PVMA member units by the exporters was another big problem, which, in fact, should be in accordance with the shipment period agreed while executing a supply contract.

The chairman further informed the minister that the PVMA member units, after paying the full price while opening a letter of credit, have to wait for a long time for the receipt of delivery orders and other shipping documents for release of the consignments.