Tunisia eyes 5.4% GDP growth

The Egyptian Gazette 29 November, 2010--Tunis – Tunisia aims to achieve 5.4 percent economic growth in 2011, up from a projected 3.7 percent in 2010, restoring growth to levels before the global financial crisis. “Tunisia aims to restore average growth to the level it was before the financial crisis,” Mohamed Ghannouchi, the country’s prime minister, told parliament during a presentation of the 2011 draft budget. “We will seek to accelerate the pace of reform in all areas and further diversity sources of growth,” he added. 

Malaysia promotes palm oil here

The Egyptian Gazette 10 November, 2010--Malaysian producers have come to Egypt this week to boost their palm oil market in the Arab world’s most populous country. Malaysian Palm Oil Council Chairman, Dato’ Lee Yeow Chor officiated at the 2nd Malaysian-Egypt Palm Oil Trade Fair and Seminar (POTS), held  at Intercontinental CityStars Hotel in Cairo on Monday. The event was designed to boost business opportunities for Malaysian palm oil in Western Asia, Middle East and Southeast Europe.
“Egypt is the largest Malaysian palm oil importer in the West of the Suez, with 74 percent market share” said Dato’ Lee. “In 2009, Egypt imported 609,210 metric tonnes, an increase of 75 percent over the 347,558 tonnes imported in 2008,” he added. Malaysian palm oil exports to Egypt have also recorded an encouraging increase this year. Up to September 2010, Malaysian exported 703,371 tonnes of Palm oil, an increase of around 55 percent from 453,183 tonnes on a year-to-year basis. Dato’ Lee also urged the business communities from both Malaysia and Egypt to foster ties, not only with the oils and fats industry players, but also with the relevant policy and decision makers in these areas. “The trade exhibition is a direct and effective platform for the participants and exhibitors to meet and interact with their counterparts, suppliers, existing buyers and potential customers,” Dato’ Lee stressed.
The primary goal of POTS Egypt 2010 is to enhance Malaysian palm oil’s presence and participation in the sizable liquid oil market segment in Egypt. The seminar was attended by renowned local industry captains and academics, in addition to international experts from Malaysia and the UK.
The participants included Zakaria Shafei, the Chairman of the United Oil Processing Company. “The Egyptian Market is dynamic enough to accommodate all types of oils and fats, from cheap subsidised oils to expensive tub margarine,”Shafei told the seminar. “Egypt is the largest consumer of oils and fats in the Middle East and the largest importer in the Middle East and Africa, importing about 1.5 million tonnes of oils and fats per year,” he added.
Shafei also announced that the Egyptian Ministry of Solidarity, in co-operation with the World Food Programme (WFP) and the Grain Institution, is going to fortify subsidised oil, as recommended by the National Nutrition Institute.
This fortification involves adding vitamins A and D to the subsidised oil in order to strength the immune system, and prevent soft bones diseases and people’s eyesight deteriorating.