RM26bil target for oil palm

  • Business
  • Saturday, 19 Aug 2006

FOR the oil palm sector, targets set for the IMP3 period (2006-2020) include achieving total investments of RM26.1bil, or RM1.7bil per year, largely in oleochemicals and biodiesel.  

Other targets include reaching gross export value of RM78.8bil in 2020. 

Five strategic thrusts have been set, the first being product diversification. This is done by promoting oleochemical derivatives and preparation, biodiesel and renewable energy, nutritional food and ingredients, as well as biotechnology-based and biomass products. 

Malaysia will also promote export of high value-added products to large and emerging markets through global market research networks and expanding of technical advisory networks. 

The industry is encouraged to increase productivity through enhancement of skills training and professional development. 

This will also be achieved by promoting the integration and commercialisation of research and development between industry and research institutes and the adoption of zero waste strategy. 

Under market development, efforts will be made to promote healthy and trans-free palm oil products as well as branding Malaysian palm oil and its products. 

Collaborative efforts between the Government, industry and research institutions will be made to brand these products. 

One strategy is to promote outward investments and global marketing networks in countries such as China, India, Iran and West Asia. Companies, including exporters and government-linked companies, will be encouraged to rationalise and consolidate their operations into cost-effective and efficient-profit centres. 

They will also be encouraged to integrate their operations into the regional production and marketing networks and establish distribution centres overseas. 

The Government will provide assistance to accelerate the commercialisation of technologies as well as encourage studies on economic and commercial feasibility of research findings. 

Included in the strategic thrust is to strengthen the institutional support and infrastructure. This can be done by progressively liberalising palm oil refining activities to encourage competition. 

Assistance to support the growth of the industry in Sabah and Sarawak will also be provided and consolidation of industry associations is encouraged. 

For the full text of the IMP3 click here

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