New Delhi, July 18 (UNI) Experts discussed strategies shaping the future of the vegetable oil industry as the Indian Vegetable-Oil Producers’ Association (IVPA) on Thursday announced the commencement of the third edition of its signature event, ‘IVPA Global Round Table Conference @3.0 on the theme “Veg Oils Vision 2030: Opportunity and Challenges”.

The two-day event is witnessing the participation of about 500 delegates from across the globe.

The conference was honoured by the presence of Prof. Ramesh Chand, Member in NITI Aayog in the rank and status of Union Minister of State, Minister of Plantation and Commodities, Malaysia, Dr. Ir. Kasan, MM, the Head of Trade Policy Agency of the Ministry of Trade Republic of Indonesia, Kevin Roepke, Regional Director South Asia, USSEC, and Mariano Beheran, Agriculture Attache of Argentina.

A special welcome was extended to Minister Datuk Seri Johari Abdul Ghani, Minister of Plantations and Commodities, Malaysia. The presence of these esteemed dignitaries underscored the significance of the shared mission and collaborative efforts in the sector.

The conference also acknowledged the participation of representatives from the embassies of Argentina, Brazil, Malaysia, and Indonesia, NITI Aayog, the US Soybean Export Council, RSPO, Apicol, SD Guthrie International, Adani, Patanjali Foods, and numerous other MNCs in India.

Prof. Ramesh Chand said, “The IVPA Global Round Table Conference serves as an important forum for addressing the complex challenges and exploring the vast opportunities within the vegetable oil industry by providing a platform for an open exchange of ideas. For the next 7-8 months or more, the fallow lands in Eastern India that remain unutilised after rice harvest present a significant opportunity for oilseed cultivation.

However, policymakers will need to deal with issues such as the GM mustard case, which is currently pending in court, and the dynamic duty changes based on global prices in order to ensure that the sector grows sustainably in the future.”

YB Datuk Seri Johari bin Abdul Ghani, Minister of Plantation and Commodities, said, “The Indian market represents a vital growing market for Malaysia, and we look forward to exploring opportunities outside of palm oil here as well."

In addition to rice and sugar, Malaysia regularly purchases a variety of commodities from India, highlighting the robust trade relationship between our two nations. Our commitment to sustainable palm oil production is unwavering, and we strive to protect the environment to the fullest extent possible, the minister said.

"This dedication to sustainability ensures that our palm oil industry remains environmentally responsible while meeting global demands. We believe that by expanding our trade horizons and reinforcing our sustainability efforts, we can foster even stronger economic ties with India.”

Building on the resounding success of the IVPA Global Round Table Conference 2023 in Delhi, the IVPA returned with renewed vigour for this year’s event. The theme, “Veg Oils Vision 2030: Opportunities and Challenges,” reflected the organisation’s commitment to pushing the boundaries of knowledge and embracing the uncertainties that drive innovation.

As the industry navigated extreme market movements, the importance of innovation and strategic risk management was emphasized.

During the two-day event, participants explored cutting-edge ideas, emerging trends, and transformative strategies shaping the future of the vegetable oil industry. The conference highlighted the remarkable resilience of the industry in maintaining a smooth supply chain from global producers to Indian consumers, despite numerous challenges.

Further, Sudhakar Desai, President IVPA & CEO, Emami Agrotech Ltd, added that “India’s unique position in the global market, with a diverse range of oil types and increasing demand, was a focal point of discussion. The conference emphasized the need for a deep dive into future supply and demand factors not only in India but also in global oilseed-producing countries.”

Additionally, he and team IVPA addressed the issues, which include Rising Dependence on Veg Oil Imports; Rebalancing Imports; Dynamic Duty Slab System and Inverted Duty Structure.

The conference provided a unique platform for industry stakeholders to come together, exchange knowledge, foster collaborations, and further the shared mission of achieving sustainable and responsible growth in the vegetable oil sector.

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