07/02/2013 (Bernama) - Malaysia would be able to register another record palm oil export figure in the next three to five years, surpassing the all-time high RM80.41 billion worth registered in 2011.

Deputy Minister of Plantation Industries and Commodities, Datuk Hamzah Zainudin said the growing export and presence of oil palm biomass in the country, as well as the appreciation of the crude palm oil (CPO) prices, will enable Malaysia to report another record year.

Last year, the export value of palm oil fell 11 per cent to RM71.5 billion, mainly as palm oil prices were dragged down by a host of factors most of which were beyond control.

"We are looking to transform our palm oil industry, as currently 80 per cent of the export comes from oil palm, while the remaining is generated by biomass.

"The government intends to increase the biomass contribution to at least 40 per cent by the next three to five years," Hamzah told reporters after witnessing the signing of a Memorandum of Understanding between KUB Agro Holdings Sdn Bhd and Antero Capital Sdn Bhd, here today.