Palm oil sector aims for RM170b earnings

Palm oil sector aims for RM170b earnings

By Zaidi Isham Ismail
Published: 2010/08/05

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.

Read more: Palm oil sector aims for RM170b earnings http://www.btimes.com.my/Current_News/BTIMES/articles/POPILA/Article/#ixzz0xyja4Kmg