Indonesia will host the 11th international meeting of global edible oil producers, which is scheduled to be held in Jakarta in May, this year.
The Globoil International, sponsored by Indian cooking oil buyers, is expected to attract 400 participants from all around the world, with 75 of them from India.
"Globoil International is an international forum for research, analysis and dissemination of knowledge on vegetable oil and related industries," the spokesperson for the India-based forum's organizing committee, Kailash Singh, told reporters during a visit to Medan, North Sumatra, on Monday evening.
Indonesia was chosen to host the meeting as this is the biggest palm oil producer in the world, with much of its production being exported to India, Kailash said. Last year, the forum was held in India.
Solvent Extractors Association of India executive director B. V. Mehta, who was also present during the press briefing, said that India needs 12 million tons of edible oils every year.
To meet the demand, India has to import 5.3 million tons, including 3.5 million tons of CPO-based cooking oil.
"About 80 percent of India's palm oil is imported," he said.
Mehta said that India would continue to increase its imports of palm oil from Indonesia to meet the growing demand for the edible oil in India.
He estimated that India's palm oil imports from Indonesia would reach 4 million tons.
"The meeting will be a great opportunity for Indonesian producers as there will be many importers from India," he said.
Indonesian Palm Oil Association executive chairman Derom Bangun expressed his appreciation to Indian palm oil players for bringing the Globoil International conference to Indonesia, and said that the forum was very important for Indonesian producers.
"This forum can facilitate direct business interaction between Indian importers and producers from Indonesia," he said.
Derom said that India was the largest buyer of Indonesian palm oil, with total imports of about 2.7 million tons last year. China came second, with total imports of about 1.8 million tons, and the Netherlands third, with total imports of about 1.5 million.