Edible Oil: India wants to open up new markets for edible oil: FM Nirmala Sitharaman

India is considering opening up new markets to import cooking oils after the conflict between Ukraine and Russia, Union Finance Minister Nirmala Sitharaman said here on Tuesday.

According to her, the country faced various hurdles in importing cooking oils due to the conflict.

“Everyone knows that there is a war between Russia and Ukraine. There are various hurdles when importing oils. You know we can’t import cooking oil, we got sunflower oil. Now we’re not,” she said at an event here.

“Now we’re importing cooking oils from various other markets and we’re also looking at newer markets,” she said.

Sitharaman said the Ukraine-Russia conflict has also presented an opportunity for industrialists to open up these markets for exports from India.

“Previously they (Ukraine and Russia) exported to some markets. Now they don’t export (due to the conflict). We have the ability to export to these countries (where Ukraine and Russia exported). They (as industrialists) should also look for opportunities with every challenge, and the central government has always been ready to offer its support,” she said.

The Finance Minister was speaking at the Stakeholder’s Outreach Program organized by the Directorate-General for Foreign Trade to mark the signing of a Comprehensive Economic Partnership Agreement with the United Arab Emirates and the Economic Cooperation Agreement (ECTA) with Australia.

Cheryl Tenny

"Thinker. Food advocate. Incurable coffee enthusiast. Communicator. Proud student. Zombie buff. Tv fanatic. Extreme troublemaker."

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