Malaysia oil palm industry has chartered new frontiers, says DPM

Malaysia oil palm industry has chartered new frontiers, says DPM

KUALA LUMPUR: Deputy Prime Minister Tan Sri Muhyiddin Yassin today said the  oil palm industry in Malaysia has chartered new frontiers by ensuring adequate supply of palm oil to meet the growing global demand for this versatile  oil.

He added that while this being the case, the county cannot remain complacent  with the current palm oil prices.

Muhyiddin said the industry should expand its venture into diversified niche  downstream activities, which will fetch higher market values for palm products.

“In order to maintain our competitiveness in the global market, there is a  need to address major issues such as environment, sustainable production and  trade liberalisation.

“With rising competition, it has become a matter of strategic importance for  the industry to examine the relative strengths of Malaysian palm oil and to  synergies upon them,” he said in his speech at the opening of Palm and Lauric Oils Conference and Exhibition Price Outlook 2014 here.

Muhyiddin also said in support of this, the government has placed importance  in creating wealth through production of advanced oleo chemical products,  biomass, biodiesel, food and phytonutrients.

The government, he said would also like industry players to undertake  greater commitment and intensity efforts in research and development activities  to help enhance productivity in the oil palm sector.

The three-day event sees more than 2,000 industry players from over 50  countries attending the conference.

Present were Plantation Industries and Commodities Datuk Amar Douglas Uggah  Embas and Bursa Malaysia chief executive officer Datuk Tajuddin Atan.

— New Straits Times, 4 March 2014