New Delhi, 12th August 2023 – The Indian Vegetable Oil Producers Association (IVPA) recently hosted the highly anticipated ‘IVPA Global Roundtable @2.0 on Veg Oil and Oilseed Sector” in New Delhi on August 4th -5th, 2023. The two-day event witnessed key stakeholders, industry experts and delegates from around the world come together to discuss and explore the future of the vegetable oil and oilseed industry.
Mr.Sudhakar Desai, President of IVPA, delivered welcome remarks, emphasizing the key event objectives, including the appreciation from the Honorable Prime Minister Shri Narendra Modi for organizing such an impactful conference. The focus on sustainability in the oilseed sector and the efforts towards achieving self sufficiency received praise from the Honorable Prime Minister.
During the inaugural session Pujya Swami Ramdevji (virtual), Mr.S. Sivakumar – ITC Ltd., and Ms.Jaskiran- Head of Food Innovation Hub, World Economic Forum shared their thoughts on the sector.
Mr. Sanjeev Chopra, Secretary- Department of Food and Public Distribution, Government Of India, emphasized on the government priorities and policy prerogatives. He acknowledged IVPA as a credible voice of the industry, working seamlessly with the government. And appreciated IVPA for bringing forth various issues pertaining to supply chain, global trends, prices and policy matters with a progressive mindset for betterment of all stakeholders.
Ms.Nandita Mishra, Senior Economic Advisor, Department of Food and Public Distribution, Government of India delivered a noteworthy address, setting the stage for fruitful discussions.
A momentous occasion during the inaugural ceremony was the launch of “World Vegoils Day”. The inception of World Vegoils Day marks a significant step towards transforming the perception of vegoils and fostering substantial growth in their production and productivity. One of the significant objectives of World Vegoils Day is to boost production and productivity of vegoils to meet the increasing demand of the rising population for food and other products derived from vegoils. By raising awareness and promoting innovations in agricultural practices and oil extraction techniques this day aims to enhance the overall output of vegoils, and dispel myths.
Mr.Sunil Kumar Singh – Additional Managing Director NAFED, talked about the success story of pulses and government efforts in supporting farmer prices and touched upon MSP-related issues. Mr. Joseph D.Cruz -CEO of RSPO, Mr. Avnish Tripathi -Business Leader B2C, Cargill India, and Mr. Mohd. Saifulloh, Director for Food of Deputy Minister for Food & Agribusiness, Coordinating Ministry for Economic Affairs, Govt. of Indonesia explained macro policies for responsible growth.
A key moment during the conference was the signing of an MoU between IVPA and the Malaysian Palm Oil Board (MPOB). This MoU aims to foster cooperation in areas of mutual interest, leveraging both parties’ strengths to fuel the sector’s growth.
The session of ‘Global Macro Trends of the World Vegoil Markets and its Impact on Indian Markets brought out global experiences – Malaysian growth trajectory by Ms.Bhavna Shah- Regional Head India, Bangladesh, Nepal and SriLanka of MPOC, Datuk Parveez Kadir- Director General- MPOB, Mr.Mariano J Belliard- Sr.Agricultural Attache, Embassy of USA, Dr.Michael Bucki -Counsellor, Head of Section, EU Delegation to India, Mr. Asanee Mallamphut- Chairman, Palm Oil Industries, Federation of Thai Industries.
Discussions during the event covered a range of crucial topics including sustainable development and productivity enhancement through partnerships with smallholder farmers by Mr.Ashwin Selvraj – RSPO and Mr. Pratheepan ED -Apical, and the impact of global macro trends on the Indian markets.
Another significant MoU was signed between IVPA and the Palm Oil Refiners’ Association of Thailand (PORAT). This strategic collaboration aims to establish a long-term partnership between the countries, fostering growth and cooperation in the palm oil and vegetable oil industries.
A dedicated session was chaired by Mr.Sudhakar Desai on Self Sufficiency in Edible Oils which dwelled upon various growth opportunities.
The second day of the conference delved into the outlook of the veg oil market in the latter half of 2023.Experts discussed the key drivers in the palm oil, soybean oil and sunflower markets in India while addressing risks in the current volatile market to ensure sustainability.
Delegates engaged in an invigorating conversation about markets, global supply-demand factors, key drivers and weather and price outlook. Price Outlook panel was moderated by industry veteran Mr.Sandeep Bajoria.
The IVPA Global Roundtable @2.0 has left an indelible mark on the industry, setting the stage for sustainable growth and collaboration in the veg oil and oilseed sector. This platform served as a catalyst for meaningful exchanges, paving the way for a brighter and more sustainable future for the entire industry and all stakeholders.