IVPA Global RoundTable Conference 2024: Veg Oils Vision 2030: Opportunities and Challenges

The Indian Vegetable-Oil Producers’ Association (IVPA) announced the successful commencement of the third edition of its signature event, ‘IVPA Global Round Table Conference @3.0 on Theme “Veg Oils Vision 2030: Opportunity and Challenges”. The event witnessed the participation of about 500 delegates from across the globe.

IVPA Global RoundTable Conference 2024

The conference was honoured by the presence of the Prof. Ramesh Chand, Member in NITI Aayog in the rank and status of Union Minister of State, Honourable Minister of Plantation and Commodities, Malaysia, Dr. Ir. Kasan, MM, the Head of Trade Policy Agency of the Ministry of Trade Republic of Indonesia, Mr. Kevin Roepke, Regional Director South Asia, USSEC and Mr. Mariano Beheran, Agriculture Attache of Argentina. A special welcome was extended to Honourable Minister Datuk Seri Johari Abdul Ghani, Minister of Plantation & 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, US Soybean Export Council, RSPO, Apicol, SD Guthrie International, Adani, Patanjali Foods, and numerous other MNCs in India.

Prof. Ramesh Chand, Member in NITI Aayog, Government of India 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 after rice harvest present a significant opportunity for oilseed cultivation on these lands. However, policy makers 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, Hon’ble 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. 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 organization’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, Mr. 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 that includes:

1. Rising Dependence on Veg Oil Imports: Emphasis was placed on prioritizing the national mission on oilseeds as a national priority.

2. Rebalancing Imports: The need to adjust the differential duty between crude and refined oils to 15% was highlighted as essential for the survival of the Indian vegetable oil refining industry.

3. Dynamic Duty Slab System: IVPA’s recommendations, positively received by the Agriculture Department, NITI Aayog, and CACP, were discussed. Adopting this system is expected to balance farmer interests, consumer interests, and the industry’s survival.

4. Inverted Duty Structure: Addressing the ongoing issue of accumulated GST credits by allowing refunds was seen as crucial to alleviating financial strain on companies.

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.