Palm Oil Sector Aims for RM170 Billion Earnings

Malaysia, which is the world’s second largest palm oil

producer, aims to more than triple its earnings in the sector to an

estimated RM170 billion by 2020.

The commodity contributed RM49.5 billion in export earnings in 2009 or 7.5 per cent of the country’s gross domestic product.

Plantation Industries and Commodities Minister Tan Sri Bernard Dompok

said out of the RM170 billion, the upstream, downstream and biodiesel

expansion is expected to provide new business opportunities estimated at

RM74.6 billion by 2020.

“The government has accorded this

industry as the country’s second most important sector after oil and gas

under the 12 National Key Economic Areas.

“So, we will

continue to provide the necessary enabling framework including

investments in the necessary infrastructure and supporting facilities

such as ports, bulking installations and research and development

facilities,” Dompok said in his speech in Kuala Lumpur yesterday during

the 2010 Palm Oil Industry Award dinner.

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