05-06 Sep, 2012 - Accra, GHANA
La Palm Royal Beach Hotel, Accra
La Palm Royal Beach Hotel, Accra
In the recent years, West and Central Africa have gained interest in foreign investments for palm oil. The industry made over $5.9 billion between 2009 and 2011. The price of palm oil has quadrupled between 2000 and 2011, and the trend is expected to carry on with a 3% increase per year, owing to the rising demands for this natural resource which is used in the food industry, cosmetics, and bio-fuels energy sector.
Leading producers, Malaysia Sime Darby and Indonesian Golden Agri-Resources have committed to invest around $4.7bn covering 450,000ha in Liberia alone. In Gabon, Singapore’s Olam has obtained exploitation rights of close to 300,000 hectares. Other regions captured by investors for the highly profitable palm oil include Cameroon, Congo, Angola, Côte d'Ivoire, Tanzania, and Mozambique.
Favourable climatic conditions, accessible land and conducive legislation serve to complement the agricultural potential of Africa, which is currently only a marginal producer. And a growing global demand provides an excellent opportunity to take advantage of this potential. The European Union’s directive which states that 10% of EU’s total energy consumption in 2020 should be bio-fuels has driven Western groups to mark their presence in Africa. Italian ENI has reached an agreement with the Angolan government for palm-oil plantation development. This leading oil-producer on the continent is also present in Congo with an investment commitment of $345 million. From the Asian front, Indian investors have shown interest and Chinese telecoms operator ZTE has a 100,000 hectare plantation in the Democratic Republic of Congo. Brazilians have also voiced their interest.
Given the huge business potential in Africa’s Palm Oil sector and demand for latest know-how, CMT has initiated plans to host a Palm Oil Africa conference to provide information to prospective foreign investors and production companies on financing, investment prospects, land regulations, labour laws and logistics & infrastructure support. The event which will be held on 05-06 September in Accra will also dwell on crucial subjects like applying large-scale cultivation expertise from Asia, opportunities for downstream processing, as well as R&D on improved planting materials and techniques.
The final details of the event are currently be finalized. In the meantime, one can Pre-Register to reserve places or forward queries to hafizah@cmtsp.com.sg
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