Atul Charturved
Critical information must reach political decision-makers of Sri Lanka which in turn will help them to lift the ban on palm oil cultivations, said Asian Palm Oil Alliance (APOA) Chairman Atul Charturved.
He was speaking at a seminar last week at Radisson Blue Resort, Galle.
Charturved drew parallels between India and Sri Lanka, adding that India had neglected its oilseed sector and relied on the rest of the world for 60% of its palm oil imports, sending billions of dollars.
“If Indonesia and Malaysia decided to halt palm oil exports, prices in India would skyrocket. Similarly, 80% of Sri Lanka’s edible oil requirements are imported and reversing the ban can have a huge forex bill for Sri Lanka.”
He said that Prime Minister Modi has taken the lead in India and has launched a national mission on palm oil, increasing production from 200,000 to 400,000 tons, with a target of reaching two million tons.
He said that Sri Lankan decision-makers must lift the ban on palm oil. “Despite assurances over the past two years, the ban remains.”
He described the 80% dependence on imports in a country with such beautiful plantations as a travesty and saw no reason for palm oil cultivation to remain banned.
He discussed the similarities between India and Sri Lanka in terms of import substitution. “Out of India’s 16 million tons of oil consumption, palm oil contributed around 38%.”
“In Sri Lanka, most imported edible oils are likely palm oil.”
He asked as to why Sri Lanka should not produce these products domestically, given its ideal climate for palm cultivation, which even India lacks. He said that no other oilseed can compete with palm oil, which yields six to seven tons of oil Charturvedi said that without palm oil, countries would end up buying oil at $2,000 per ton, which is unaffordable.
Palm oil is the only oil that offers such a long shelf life, making it ideal for deep frying.
He expressed the hope that the media would support the palm oil sector and that the ban in Sri Lanka would soon be lifted, allowing the country to move towards self-reliance.
APOA Secretary, Dr. M. Motawani said that Europe accounts for no more than 10-12% of global palm oil demand while in contrast, Asian markets, have around 40% of the global palm oil demand.
