Dr. Inoka Sandanayake, representing Global CEO Magazine, recently sat down with Mr. Atul Chaturvedi, Chairman of the Asian Palm Oil Alliance (APOA), a non-profit alliance of palm oil-consuming countries in Asia.
Q. There is currently a ban on palm oil in Sri Lanka, as you may know. What are your views on that?
In fact, if you look at the world’s consumption, almost 40 per cent of the oil consumed globally is palm oil. In India, nearly 38 to 40 per cent of all oils consumed is palm oil. Given that palm oil is the most consumed and versatile oil in the world, there’s no reason why Sri Lanka should continue to have this ban. My view is that we consume palm oil daily in some form, whether it’s in soap, confectionery items, bakery shortenings, or even chocolates. There’s no reason for Sri Lanka to maintain this ban, especially since Sri Lanka, like India, is heavily dependent on imports. Compromising its edible oil security to the extent of more than 70 per cent defies logic. Palm oil is the most productive oil, yielding about four tons per hectare on average, unmatched by any other oil. The success of palm oil globally might be why Sri Lanka has banned it, but I see no reason for this ban to continue.
Q. Can you let us know the objective of forming the Asian Palm Oil Alliance?
We felt that palm oil-consuming countries like India, Pakistan, Nepal, Bangladesh, and Sri Lanka face similar problems and scenarios. All these countries are heavily import-dependent and rely on palm oil, facing significant headwinds against its consumption, often driven by the Western world. We believed that an alliance of like-minded countries with similar issues could help debunk myths around palm oil and promote sustainable development of its consumption. Our partners provide technical support for palm cultivation needs in these countries. One of our objectives is to advocate for the lifting of the palm oil ban in Sri Lanka, and I believe this ban will eventually be lifted.
Q. As the APOA head, how do you see the way forward for Asian sustainability in the vegetable oil sector?
India and Sri Lanka face similar scenarios, with India dependent on imports for 60 to 65 per cent of its consumption and Sri Lanka even more so, at over 70 per cent. Promoting indigenous oilseed cultivation, particularly palm, could be a game-changer for achieving self-sufficiency in these countries. The Government of India recognised this and launched the National Mission on Palm Oil with an outlay of about 11,000 crores, resulting in production increasing from about 200,000 tons to nearly 400,000 tons over the last three to four years, with expectations to reach about 1 million tons by 2025-26. There’s no reason why Sri Lanka shouldn’t follow suit.
