Global edible oil trade meet in Mumbai

India will host the 74th meeting of the International Association of Oilseeds Crushers (IAOC) between January 17 and 20 at Mumbai.

The meet is being organised jointly by the Solvent Extractor's Association of India (SEA) and the Central Organisation for Oil Industry and Trade (COOIT).

Sandeep Bajoria, chairman of the organising committee for the world congress and also president of COOIT, said the meet was expected to gross roughly Rs 2000-3000 crore worth of business.

More than 250 delegates from USA, Argentina, Brazil, Europe, China, Malaysia, Indonesia, and Japan are among the 400 total delegates who have registered as participants.

Sharad Pawar, Union minister of agriculture, food and public distribution and consumer affairs, and Kamal Nath, minister for commerce and industry, would grace the occasion.

"This event is taking place in India almost after two decades and we have received very encouraging response from foreign as well as Indian participants", said Bajoria.

The next congress will be held in San Francisco in June 2006.

India today is the fourth largest edible oil economy in the world, with domestic turnover of over Rs 70,000 crore ($16 billion) and export and import trade in oilseeds, oils and related products worth about Rs 15,000 crore ($3.5 billion) per annum.

"India is currently importing 4.5-5 million tones of vegetable oil every year and import volumes may increase if production of oilseed is not increased commensurate with the rise in demand for edible oil", said B V Mehta, organising secretary and executive director, SEA.