Business News

Published: Thursday February 7, 2013 MYT 12:00:00 AM
Updated: Wednesday April 17, 2013 MYT 1:42:32 AM

Malaysia's palm oil exports to exceed 2011 record high of RM80.41b in 3-5 yrs

KUALA LUMPUR: Malaysia would be able to register another record palm oil export figure in the next three to five years, surpassing the all-time high of RM80.41bil in 2011.

Deputy Minister of Plantation Industries and Commodities, Datuk Hamzah Zainudin said the growing export and presence of oil palm biomass in the country, as well as the appreciation of the crude palm oil (CPO) prices, will enable Malaysia to report another record year.

Last year, the export value of palm oil fell 11% to RM71.5bil, mainly as palm oil prices were dragged down by a host of factors most of which were beyond control.

"We are looking to transform our palm oil industry, as currently 80% Of the export comes from oil palm, while the remaining is generated by biomass.

"The government intends to increase the biomass contribution to at least 40% by the next three to five years," Hamzah told reporters after witnessing the signing of a Memorandum of Understanding between KUB Agro Holdings Sdn Bhd and Antero Capital Sdn Bhd.

He said the increase in contribution by the oil palm biomass, will not only enhance the export numbers, but also generate better earnings for plantation companies, through new business stream.

"We engaged a Korean research and development firm, which has done studies on the usage of biomass in the furniture and timber industry, and the latest findings show that it is suitable with these industries.

"Our next step will be to talk to the whole industry, specifically these two industries (furniture and timber) to encourage more local companies to use this commodity," Hamzah saiD. - Bernama

Tags / Keywords: News, Business, Malaysia, record palm oil exports, all-time high of RM80.41bil in 2011, Deputy Minister of Plantation Industries and Commodities Datuk Hamzah Zainudin, Business

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