PETALING JAYA: The increase in crude palm oil prices, after the Indian government reduced the import duty for Malaysia, would benefit oil palm smallholders, says Datuk Seri Hishammuddin Hussein.
The Foreign Minister expressed gratitude to his Indian counterpart Dr Subrahmanyam Jaishankar for their recent decision to reduce the import duty for crude palm oil to 27.5% from 37.5%.
"This decision is expected to increase the total export of palm oil to India, as well as increase the price of crude palm oil in our country.
"Wisma Putra will continue its best efforts for the benefit of over 500,000 oil palm smallholders, family members and the local community," he said in a Facebook post on Saturday (Nov 28).
Hishamuddin said he was made aware that the price of fresh fruit bunches (FFB) and crude palm oil (CPO) were at a high level, which has been contributed by the high demand of buyers, including China and India.
"This is in line with the results of my meeting with the Chinese Foreign Minister, His Excellency Wang Yi in early October which led to China's agreement to buy 1.7 million tonnes of Malaysian palm oil until 2023," he said, adding that Wisma Putra will take advantage of better relations with India to increase palm oil export levels.
Hishamuddin said he has urged the European Union to stop discrimination against the country's palm oil and to recognise the Malaysian Sustainable Palm Oil Certificate (MSPO).
He assured that efforts will continue to assist relevant ministries in order to strengthen the country's palm oil industry.
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